For many students aspiring to pursue higher education, the Student Loan Trust Fund (SLTF) serves as a vital lifeline, bridging the gap between their dreams and the financial realities of university life.
But how much does the SLTF actually offer, and what does the application process entail?
This article breaks down everything you need to know about securing an SLTF loan for the academic year.
How Much Can You Borrow?
The amount the SLTF offers varies depending on the institution and the program of study.
Currently, the maximum loan available per academic year ranges from GH₵1,500 to GH₵3,000.
The specific amount a student is eligible for is determined based on the program they are pursuing and the associated costs.
The SLTF will assess each application carefully to ensure the loan adequately addresses the student’s financial needs.
It’s important to note that this loan is intended to cover tuition fees, accommodation, and upkeep expenses.
Students are encouraged to meticulously budget and prioritize their needs throughout the academic year.
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Applying for an SLTF Loan:
The SLTF application process is primarily online, making it accessible to students across the country.
Here’s a step-by-step guide to help you navigate the application:
1. Visit the SLTF Website: Go to the official Student Loan Trust Fund website at https://application.sltf.gov.gh/
2. Create an Account: If you’re a new applicant, you’ll need to create an account. Provide your personal details, including your name, date of birth, and a valid email address.
3. Complete the Online Application Form: Log in to your account and carefully fill out the online application form. Ensure all information provided is accurate and matches the details on your supporting documents.
4. Upload Required Documents: The following documents are typically required:
- National ID Card (Ghana Card): A valid Ghana Card is mandatory for all applicants.
- Admission Letter: A copy of your admission letter from the accredited tertiary institution.
- SSNIT Number: Provide your SSNIT number if asked
- Bank Details: Your personal bank account details for disbursement purposes.
- Any other supporting documents as requested by the SLTF.
5. Submit Your Application: Once you’ve reviewed all the information and uploaded the necessary documents, submit your application. You’ll receive a confirmation message upon successful submission.
6. Application Review and Approval: The SLTF will review your application and verify the information provided. This process can take some time, so be patient.
7. Loan Disbursement: If your application is approved, the loan amount will be disbursed directly into your designated bank account.
SEE ALSO: How to Apply for a Student Loan, Eligibility & Requirements
Application Requirements
To be eligible for an SLTF loan, applicants must meet the following requirements:
- Ghanaian Citizenship: Must be a citizen of Ghana.
- Enrolled in an Accredited Tertiary Institution: Must be enrolled in a recognized tertiary institution in Ghana.
- Have a Ghana Card: A valid Ghana Card is mandatory.
- Meet Academic Requirements: Maintain satisfactory academic performance throughout the loan period.
Loan Repayment:
Understanding the loan repayment terms is crucial. The SLTF offers a flexible repayment plan to accommodate graduates’ financial circumstances.
Here’s a breakdown of the repayment process:
- Repayment Commences After a Grace Period: Repayment typically begins two years after graduation or completion of national service, whichever comes later.
- Repayment Options: The SLTF offers various repayment options, including direct debit from your bank account, mobile money payments, and repayment through your employer (SSNIT deductions).
- Interest Rates: The SLTF charges interest on the loan amount. The specific interest rate may vary.
- Defaulting on Repayment: Failure to repay the loan can have serious consequences, including legal action, blacklisting, and impact on your credit rating.
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The SLTF understands that some graduates face various challenges when entering the job market. Therefore, they offer flexible repayment plans to help them manage their loan obligations