Are you looking for a student loan in Ghana? Education is crucial, but for many families, the cost of education can be a significant challenge, particularly in Ghana where tuition fees, cost of textbooks, hostel fees, living expenses, and other costs are constantly rising each academic year. Fortunately, Ghana offers student loans to assist students in paying for their education.
In this blog post, we will discuss everything you need to know about student loans in Ghana, from how to apply, how to repay using the MTN MOMO payment method to avoid huge interest charges.
What is a Student Loan in Ghana?
A financial aid program called a student loan gives money to students so they can pay for their education. In Ghana, the two main organizations that offer student loans are the Student Loan Trust Fund (SLTF) and the Social Security and National Insurance Trust (SSNIT). While SSNIT offers loans to students in accredited institutions both domestically and abroad, the SLTF offers loans to Ghanaian students pursuing tertiary education in accredited institutions in Ghana.
How to Apply for a Student Loan in Ghana
To apply for a student loan in Ghana, follow these steps:
Step 1: Determine your eligibility
Before you apply for a student loan in Ghana, you must meet the eligibility criteria. The eligibility requirements for SLTF student loans include the following:
- Be a Ghanaian citizen
- Enrolled in an accredited tertiary institution in Ghana
- Must have a guarantor who is either a parent or guardian or a civil servant in good standing.
- You must have an active registered Mobile Phone Number, a valid Email Address, and an E-zwich Card (can be obtained at any bank)
Step 2: Gather the necessary documents
To apply for a student loan in Ghana, you will need to provide the following documents:
- Completed loan application form
- Valid national Ghana ID card or passport
- Recent passport-sized photograph
- A letter of admission to an accredited institution in Ghana
- A guarantor (specifically a SSNIT contributor)
Step 3: Submit your application
You can apply for a student loan in Ghana online via the SLTF or SSNIT websites or through designated banks. Ensure that you submit all the required documents to avoid delays in processing your application.
How Long Does it Take to Get a Student Loan in Ghana?
The processing time for student loans in Ghana varies depending on the lender and the completeness of the application. Generally, it takes between two and four weeks for SLTF and SSNIT student loans to be processed.
How Much is a Student Loan in Ghana?
The amount of a student loan in Ghana varies depending on the lender and the student’s needs. The SLTF offers loans of up to GHS 2,000 per academic year, while SSNIT offers loans of up to GHS 30,000 per academic year.
How to Repay a Student Loan in Ghana? Repaying your student loan in Ghana is critical to the borrowing process. To repay your student loan, you can choose from various repayment options, including:
Monthly installments: This involves making fixed monthly payments for a specified period.
Graduated repayment plan: This involves starting with smaller payments and gradually increasing them over time.
Income-based repayment plan: This involves making payments based on your income and can be an excellent option if you’re struggling to make payments.
It is crucial to choose the repayment plan that works best for your financial situation to avoid defaulting on your student loan.
How to repay student loans via MTN MOMO?
You can start making repayment right from school and do not necessarily have to wait till you complete school before paying back. Paying at least GH 20.00 every month while on campus can help reduce interest compilation for the remaining years to complete school.
1) Visit the student loan portal https://www.sltf.gov.gh/ or use the student loan mobile App.
2) Select Pay Loan
3) Enter Credentials to Sign in.
4) Confirm details and proceed to Sign in.
5) Select pay with Ghana.Gov
6) Select pay with MTN Mobile Money.
7) Fill out forms for MOMO student loan repayment. Remember to use one active email for all payments.
8) Wait for the prompt to Authorize payment from your Mobile Money Account.
9) Notification will be sent via SMS and Email.
10) It takes 48 hours or 2 working days for payment made via Mobile Money to reflect on your student loan portal.
11) Payment via Banks can take a week or 2 to reflect, please take note.
12) Track all payments made for student loan repayment via INVOICES on the student loan portal.
FAQs
How long does a student loan take to process?
Which banks give student loans?
Does everyone qualify for student loans?
How much money do you need for student loans?
How much is a 50,000 student loan monthly?
Conclusion
Your interest starts compounding after your first disbursement with the GOG182 day T-bill rate and after your Grace period, interest is calculated with GOG182 day T-bill rate + 2%.
A student loan in Ghana can be an excellent option for students who need financial assistance to pay for their education. Whether you’re pursuing a degree in Ghana or abroad, you can apply for a student loan from SLTF or SSNIT. However, it’s essential to meet the eligibility criteria and choose a repayment plan that works best for your financial situation. With this guide, you now have the necessary information to apply for a student loan in Ghana, repay it, and manage it effectively.
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