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In a significant boost to tertiary education access, the Minister for Education, Haruna Iddrisu, has announced that approximately 40,000 Ghanaian students will benefit from the Students Loan Trust Fund (SLTF) initiative in the current academic year.

This comes as President Nana Akufo-Addo has approved a substantial allocation of GH₵499 million to support over 150,000 students across public tertiary institutions nationwide.

Mr Iddrisu made this disclosure during a sensitisation workshop on the Students Loan Trust initiative held in Tamale, where he addressed student leaders, university administrators, and prospective applicants.

He assured stakeholders that the approved funds would be channelled into the SLTF by next week, enabling timely disbursement to eligible students.

“Currently, about 40,000 students representing close to 30% of our students are to benefit from our STLT initiative this year,” Mr Iddrisu stated.

The SLTF, established to provide financial assistance to Ghanaian tertiary students, particularly those in need, has become a cornerstone of the government’s efforts to expand access to higher education.

This year’s allocation is projected to support a record number of beneficiaries, an increase from approximately 30,000 students who accessed loans in the last academic cycle.

The expanded funding is expected to cover tuition, accommodation, and living expenses for students pursuing various disciplines in public universities, technical universities, and colleges of education across the country.

During the workshop, emphasis was placed on the simplified application process for the SLTF, which now largely relies on the National Identification Card (Ghana Card) as the primary form of identification, eliminating the requirement for a guarantor for many applicants. Repayment terms, including a grace period post-graduation and competitive interest rates, were also discussed to ensure clarity for beneficiaries.

This substantial financial injection into the SLTF is anticipated to significantly alleviate the financial burden on thousands of Ghanaian families, potentially leading to a higher tertiary enrolment rate for the 2025/2026 academic year. The move is part of broader government strategies to enhance educational infrastructure and accessibility across Ghana, aligning with the nation’s long-term sustainable development goals.