The Ministry of Finance has released an amount of GHS20 million for the payment of loans to students in various private and public tertiary institutions across the country.

The fund, channeled through the Student Loan Trust Fund (SLTF), is expected to benefit about 10,243 students who have applied for financial support.

Addressing the media on Friday, the Chief Executive Officer of SLTF, Nuhu Bayorbo Mahama said the trust fund has disbursed about GHS58 million to 54,658 students for the 2023/24 academic year.

He explained that out of the amount about GHS 27 million was also paid to 68,000 teacher trainees as allowance within the same period.

The CEO stressed that the release of the fund is to help beneficiaries register for their examinations.

Mr. Mahama stated that since the introduction of the 'No Guarantor Policy' by government two years ago, the demand for student loans has increased drastically.

Meanwhile, each beneficiary student is expected to receive between a minimum of GHS1500 and a maximum of GHS 3000 depending on the needs of the students.