WHAT IS THE STUDENTS LOAN SCHEME?
The Students Loan Scheme is a financial arrangement under which Ghanaian Students enrolled and pursuing approved courses in tertiary institutions in Ghana are granted loans to assist with the financing of their education.
Purpose of the Loan Essentially, the loan is meant to supplement the students own private resources, such as the financial support parents already give them.
The Loan Levels.The loan level to be granted in each academic year is determined by Government in consultation with Tertiary Students’ Representatives and SSNIT.
WHO QUALIFIES For Students Loan in Ghana
Ghanaian students offered admission in
approved tertiary institutions.
pursuing approved courses.
APROVED TERTIARY INSTITUTIONS For Students Loan in Ghana
The Ministry of Education from time to time determines and approves Tertiary Institutions to be covered under the Scheme. These currently include the Universities, Polytechnics and some Specialised Institutions.
WHERE TO GET HELP OR ADVICE For Students Loan in Ghana
Leaflets can be made available to you on request. For further information, please contact us (link).
A person who wants to guarantee a loan under the students’ loan must first of all be a Ghanaian and must have contributed cumulatively to the SSNIT pension scheme for at least 60 months or 5 years. However, Parents can guarantee for all their children, irrespective of the number.
Qualification Requirements For Students Loan in Ghana
As part of the consideration for the student loan, prospective applicants will need to ensure that both their institution and programmes will make them eligible for the loan. To be able to access the loan the following must be considered:
1. School is a tertiary Institution accredited by Ghana National Accreditation Board.
2. Programmes being offered are accredited by NAB
3. Loan is for only Ghanaian citizens living and schooling in Ghana
4. Only needy applicant will be considered
A borrower shall apply the loan granted from the Fund to defray personal expenses including fees, the cost of boarding, lodging, books, equipment and for other purposes that may be necessary for the borrower’s course of studies.
Requirements of a Guarantor For Students Loan in Ghana
GUARANTORS AND GUARANTEE
Your loan application must be guaranteed by any one of the following guarantors (SSNIT contributor, Recognized Religious Body, Metropolitan, Municipal and District Assembly and Corporate body).
SNNIT Contributor Guarantor
a. Must be a Ghanaian
b. Must be an active contributor to the SSNIT pension scheme.
c. Must have contributed to the SSNIT scheme for at least 36 months or 3 years.
d. Must not be more than 53 years old.
e. Must not have guaranteed for more than one (1) person already. (Parents can however, guarantee for all their children)
Religious Body
a. Must be a member of a recognized, national religious body.
b. There must be evidence of the Institution’s decision to guarantee (Resolution).
Metropolitan, Municipal and District Assemblies
a. There must be evidence of Resolution by the Assembly to guarantee student loans.
b. The resolution should indicate 2 authorized signatories.
c. Signatories must include the Chief Executive.
Corporate Bodies
a. The company must be a member of Ghana club 100 and/or a company listed on the Ghana Stock at the time of guarantee.
b. There must be a board resolution authorizing the guarantee.
c. Two signatories are required and should at least be at Senior Management position.
Application Requirements For Students Loan in Ghana
Before an applicant applies for the loan he/she will require the following in order to successfully apply. Until these are provided the application will not be successful.
1. Telephone number of both applicant and guarantor
2. An E-zwich account that should be linked to your Bank account in the same bank.
3. Social security number
4. Should be a registered student of his/her school
5. Must have one personal guarantor who should either be a SSNIT contributor, MMDA, Religious Body or a Corporate Body. Please refer to guarantor requirement for details.
6. Two passport size photographs