The Ministry of Finance has announced the release of GHS20 million to support students in both private and public tertiary institutions across the country.
This fund, disbursed through the Student Loan Trust Fund (SLTF), aims to assist approximately 10,243 students who have applied for financial aid.
Nuhu Bayorbo Mahama, the Chief Executive Officer of the SLTF, addressed the media on Friday to provide details on the allocation.
He revealed that the trust fund has already disbursed around GHS58 million to 54,658 students for the 2023/24 academic year. This includes approximately GHS27 million allocated as allowances to 68,000 teacher trainees during the same period.
Mahama emphasized the critical role of these funds in enabling students to register for their examinations, thereby ensuring they can continue their education without financial hindrances.
“The release of this fund is crucial in helping our beneficiaries register for their examinations. We are committed to supporting students in achieving their educational goals,” Mahama stated.
Since the implementation of the government’s ‘No Guarantor Policy’ two years ago, there has been a significant increase in the demand for student loans. This policy has simplified the loan application process, making it easier for students to access financial support.
Each student beneficiary is expected to receive between GHS1,500 and GHS3,000, depending on their individual needs. The allocation aims to cover essential expenses and reduce the financial burden on students.
“The ‘No Guarantor Policy’ has made a substantial impact, and we have seen a drastic rise in the number of students applying for loans. Our goal is to ensure that no student is left behind due to financial constraints,” Mahama added.