- Government releases GH¢20 million for student loans
- Over 10,000 students to benefit from the funding
- Loan amounts range from GH¢1,500 to GH¢3,000 per student
The Ministry of Finance has disbursed GH¢20 million for loan disbursements to students in both private and public tertiary institutions across the country. The funding, managed by the Student Loan Trust Fund (SLTF), is expected to benefit approximately 10,243 students who have applied for financial aid.
According to Nuhu Bayorbo Mahama, Chief Executive Officer of SLTF, the trust fund has distributed around GH¢58 million to 54,658 students for the 2023/24 academic year. Additionally, approximately GH¢27 million was allocated as allowances to 68,000 teacher trainees during the same period.
Speaking at a press briefing on Friday, Mr. Mahama noted that the fund’s release will enable beneficiary students to register for their exams. He highlighted a significant increase in demand for student loans following the government’s introduction of the ‘No Guarantor Policy’ two years ago.
Each beneficiary student is expected to receive between GH¢1,500 and GH¢3,000, depending on their needs. The SLTF aims to provide financial assistance to students pursuing higher education, ensuring that financial constraints do not hinder their academic progress.
“We are committed to supporting students in achieving their academic goals,” Mr. Mahama said. “This funding will go a long way in helping them register for their exams and pursue their dreams.”
