The Ghana Students Loans Trust Fund (SLTF) has announced 55,637 applications for student financial aid for its 2024/2025 application cycle, marking a significant surge in demand for higher education financing.

This was made known by Ghana Students Loans Trust Fund CEO Saajida Shiraz on Joy FM's Super Morning Show today, Monday, May 26.

Even though the window for application is still open, the figure surpasses the numbers for the previous academic year.

The 2023/24 academic year had 54,658 students, with a total disbursement of GHS58 million, which includes the GHS27 million paid to 68,000 teacher trainees as allowance.

Hajia Shiraz explained that the projected number of students was 150,000 from 168 public tertiary institutions, with a budget of nearly GHS 499 million for the operations of the Ghana Students Loans Trust Fund.

The SLTF covers tuition and stipends for tertiary students, and applicants must be enrolled in accredited institutions.

Each student is expected to receive over GHS2000 for tuition and other expenses.

The SLTF is funded from government allocation (60%), SSNIT contributions (30%), and loan recoveries (10%). The trust maintains a 72% repayment rate from past beneficiaries now in employment.

The Students Loan Trust Fund is a public institution established under the Trustee Incorporation Act 1962, Act 106, to provide financial resources for the benefit of students and to promote and facilitate the national ideals as enshrined in Articles 25 and 38 of the 1992 Constitution.

It is to replace the SSNIT Students' Loan Scheme.

The Students Loan Trust Fund Act 2011, Act 820, has been passed by Parliament.