The Students Loan Trust Fund (SLTF) has unveiled a series of sweeping reforms aimed at improving access to affordable tertiary education, following directives from President John Dramani Mahama.

According to a press statement issued on Friday, November 7, the new measures, which include increased loan amounts, reduced interest rates, and simplified application procedures, form part of the government’s ongoing efforts to promote equity and inclusivity in higher learning.

A key highlight of the reform is the introduction of the “Students Loan Plus”, a flagship initiative under the No Fees Stress programme.

This new loan package offers full fee coverage for tertiary students, with funds disbursed directly to their respective institutions. The move is designed to relieve students and families of the financial burden associated with upfront tuition payments.

In addition, the regular student loan scheme has seen a 50 per cent increase in loan amounts, with beneficiaries now eligible to receive between GH¢2,250 and GH¢4,500 per academic year.

The adjustment is expected to provide much-needed financial relief to students grappling with the rising cost of education and living expenses.

In a further bid to make student financing more affordable, the interest rate on student loans has been slashed from 12 per cent compound interest to 6 per cent simple interest during the study and moratorium periods.

This significant reduction is anticipated to ease repayment pressures on graduates entering the job market.

The SLTF has also announced a streamlined application and disbursement process, eliminating the long-standing E-zwich requirement.

New applicants will now have GCB Bank accounts automatically created through the No Fees Stress portal, ensuring a faster and more accessible loan process.

Operating under the auspices of the Ministry of Education, the SLTF reaffirmed its commitment to promoting inclusive and equitable access to higher education.

The Fund stated that the reforms reflect the government’s dedication to empowering students from all backgrounds to pursue tertiary studies without undue financial hardship.

“These reforms demonstrate a clear commitment to expanding educational opportunities and supporting Ghana’s youth,” the statement read.

“By reducing barriers to access and making funding more flexible, we are investing directly in the nation’s human capital and future prosperity.”