Many students in Ghana struggle in paying their schools fees at the tertiary level. They resort to soliciting for funds from people who are willing to help.
Many have as well abandoned their dreams due to financial difficulties. There is a loan scheme known as the student Loan Trust Fund, it is made available to all Ghanaian tertiary students but the application is sometimes difficult.
This article has listed steps involved in applying for student loan in Ghana
- Check eligibility: Ensure you meet the requirements set by the Student Loan Trust Fund (SLTF) or other lenders, such as being a Ghanaian citizen, enrolled in a accredited tertiary institution, and pursuing a degree or diploma program.
- Gather required documents: Typically, you’ll need:
– Admission letter
– Student ID card
– National ID card (passport, driver’s license, or voter’s ID)
– Proof of address
– Academic transcripts
– Proof of income (for guarantors)
- Choose a lender: You can apply to the Student Loan Trust Fund (SLTF) or other private lenders like banks or financial institutions.
- Apply online or in-person: Visit the lender’s website or office to submit your application and supporting documents.
- Wait for approval: The lender will review your application and may request additional information or conduct a credit check.
- Sign a loan agreement: If approved, you’ll receive a loan offer letter outlining terms and conditions. Sign and return the agreement to confirm acceptance.
- Disbursement: The loan amount will be disbursed directly to your school or into your bank account.
- Repayment: Start repaying the loan as agreed upon in the loan agreement, usually after completing your studies or within a specified grace period.
Remember to carefully review loan terms, interest rates, and repayment conditions before accepting a student loan offer.