Student Loan Trust Fund (SLTF) was established in December 2005 under the Trustee Incorporation Act 1962, Act 106. The objectives of the Trust Fund are to provide financial resources for the sound management of the Trust for the benefit of students and to help promote and facilitate the national ideals enshrined in Article 25 and 38 of the 1992 Constitution.
In this post, I will taking you through the steps in which you can follow to repay your student loans. This institution has the mission to provide timely financial services to eligible Ghanaian tertiary students and vision is inspiring and unlashing greater prospect.
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STUDENT LOAN TRUST FUND REPAYMENT
MODE OF REPAYMENT
The modes of repayment of loans are as follows:
- Periodic deductions from beneficiary’s salary by his or her employer.
- Direct periodic payments to the SLTF by beneficiaries who are not employees of any organization (i.e. sole proprietorship, self employed etc)
- Outright payment of total loan amount plus interest due.
Students loan repayment made easy. Visit any branch of the banks below and may the payment
- GHANA COMMERCIAL BANK: SMART PAY
- NATIONAL INVESTMENT BANK: SPECIAL SLTF PAY IN SLIP
- ECOBANK GHANA: BANK – COLLECT
- GT COLLECT: CUSTOMIZED PAY IN SLIP
Borrowers can walk into the head office of the SLTF to make payment at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel.
Borrowers can now make their Students Loan payment by any of the following modes/platforms quoting clearly your Social Security Number (SSN):
- MOBILE MONEY: by dialing Short code *737*206# follow prompts to make payment
- MYGHPAY: by visiting the website:
- www.myghpay.com or download the myghpay app on Google Play Store
- Register/login click on SLTF Logo
- follow onscreen prompts to make payment with either your Visa, MasterCard (OR) Mobile Money.
- GT COLLECT: Make payment at any GT Bank branch across the country, using customised pay-in slip.
Interest Rate
In other to maintain the value of the money and preserve the Fund for posterity, interest is charged on the loan at a highly subsided rate. Inflation is an important factor in determining the interest rate.
The following schedule of interest rate shall be charged on the loan:
|
MORATORIUM |
REPAYMENT PERIOD | ||
| STUDYPERIOD | NATIONAL SERVICE PERIOD | 1-YEAR GRACE PERIOD | REPAYMENTPERIOD |
| *GOG182 dayT-bill rate | *GOG182 dayT-bill rate | *GOG182 day T-bill rate | *GOG182 dayT-bill rate + 2% |
* GOG – Government of Ghana.
# Maximum rate applied will be 12% until reviewed. In effect where the T-bill rate goes beyond 12% the SLTF shall fix the rate at 12%.
Loan Repayment Period
| *Number of Loans taken | National Service Period (Yrs) | Grace Period (Yrs) | Repayment Period (Yrs) |
|
1 |
1 |
2 |
2 |
|
2 |
1 |
1 |
4 |
|
3 |
1 |
1 |
6 |
|
4 |
1 |
1 |
8 |
|
5 |
1 |
1 |
10 |
|
6 |
1 |
N/A |
10 |
|
7 |
1 |
N/A |
10 |
* The total loan received in an academic year is considered as one loan taken
It is in the interest of applicants to pay off their loan sooner than the repayment period given, in order to reduce the interest charges.
EMPLOYER’S PAYMENT MODE
The section 24 of the Students Loan Trust Fund Act, 2011 act 820 enjoins employers to ascertain from employees who are beneficiaries of student loans about their status and report those who have not fully repaid their loans to the SLTF.
Employers are further mandated to withhold monthly instalments from the salary of employees and remit same to the SLTF within fifteen (15) days after deduction. Deductions withheld can be paid at the Head office of the SLTF at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel or into A/C below:
Bank: Ghana Commercial Bank (GCB)
Branch: High Street
Account name: Students Loan Trust Recovery
Account number: 1011130036815
All employers are to note that failure to deduct and remit same to the SLTF constitutes an offense under section 37 of the SLTF Act.
All employers are to note the provisions of the law and act accordingly to help sustain the scheme.
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How can you know the amount being collected after school online??