It has emerged that some 200,000 Ghanaians have benefitted from the Students Loan Trust Fund (SLTF) since its establishment in 2005.
The Chief Executive Officer of SLTF, Nana Kwaku Agyei Awuah, disclosed this on Adom FM’s Dwaso Nsem, Thursday as he detailed the application and selection processes used by the scheme.
According to him, the scheme receives about 50,000 applications yearly but is able to make financial provisions for about 30,000 with the amount pegged at GHS 3,000 per head.
This, he said, was due to a lack of guarantors for applicants or personal decisions to withdraw in the course of the processes.
He was, however, optimistic that the decision to remove the ‘guarantor system’ will go a long way to help many applicants.
“We start the processes with the academic year thus September and averagely, only 10% of students who gain admission to the universities apply for the loan facility but let me add that the loan is meant for Ghanaian students studying here and not for those overseers,” he said.
Speaking on how long it takes for an applicant to receive a loan, he added: “Applicants for loans from the Students Loan Trust Fund (SLTF) should expect their loans within two weeks of submission of the completed application forms.
“This is however on condition that the loan application form has been properly completed and all relevant supporting documents attached to the application. The Operations department has established a fast track loan processing machinery that ensures that students receive their loans in good time.”
Meanwhile, he noted interested persons can visit their website www.slft.gov.gh for more.