Lana Oconnell
The Students Loan Trust Fund (SLTF) in Ghana provides financial resources to Ghanaian students enrolled in accredited tertiary institutions in the country. The SLTF offers multiple repayment options for students to pay off their loans, including walking into the SLTF head office, using partner banks, or digital payment platforms. Students can also apply for loan repayment extensions and make payments through friends or family if they are abroad. This article will provide a comprehensive guide to navigating student loan repayment in Ghana, including eligibility requirements, application processes, and repayment options.
| Characteristics | Values |
|---|---|
| Who can apply? | Any Ghanaian student in an accredited tertiary institution in Ghana studying an accredited program |
| Requirements | Need a guarantor, a valid Ghana Card Number, an active registered mobile phone number, a valid email address, and an E-zwich Card |
| Interest rate | Maximum rate of 12% |
| Repayment channels | Mobile Money, MYGHPAY, GT COLLECT at any GT Bank branch, SLTF head office, VISA/MasterCard |
| Repayment period | Two-year grace period |
| Application deadline | 20th November 2023 |
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What You'll Learn
- Payment methods: Mobile Money, Visa/MasterCard, GT Collect, MyGHPay
- Repaying from abroad: Ask a friend or family member, or send a money transfer
- Repayment period: Pay sooner to reduce interest charges
- Loan repayment channels: SLTF-approved channels only
- Loan repayment address: No. 47, 3rd Crescent Avenue Asylum Down, Accra
Payment methods: Mobile Money, Visa/MasterCard, GT Collect, MyGHPay
The Students Loan Trust Fund (SLTF) is a public institution that provides financial resources for Ghanaian students in accredited tertiary institutions. The SLTF does not charge any fees for processing loan applications, and applicants are advised to avoid making any payments during the application process.
For borrowers who need to make repayments, the SLTF advises using only approved repayment channels listed on their website. These include Mobile Money, Visa/MasterCard, GT Collect, and MyGHPay.
Mobile Money is a common payment method in Ghana, allowing users to send, receive, and store money using their mobile phones. It is a convenient way to make loan repayments, as it can be done from anywhere with a mobile phone signal.
Visa and MasterCard payments are also accepted by the SLTF for loan repayments. Borrowers can use their Visa or MasterCard credit or debit cards to make secure and convenient payments online or over the phone.
GT Collect is another option for making SLTF loan repayments. GT Collect is a service that enables individuals to make payments for various goods and services through a network of agents and branches across Ghana. Borrowers can locate their nearest GT Collect agent or branch and make their loan repayments in person.
MyGHPay is a secure online payment gateway in Ghana that allows individuals to make payments using their Visa, MasterCard, or mobile money wallets. MyGHPay provides a safe and convenient platform for borrowers to make their SLTF loan repayments electronically.
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Repaying from abroad: Ask a friend or family member, or send a money transfer
If you are a student loan borrower currently living abroad, there are a couple of ways you can make your loan payments.
One option is to ask a friend or family member still in Ghana to make the payment on your behalf. They can do this by visiting the head office of the SLTF at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel. They can also pay at any GT Bank branch across the country using a customised pay-in slip.
Alternatively, you can send a money transfer directly to the SLTF, who will then credit the payment to your account. Before sending the money transfer, be sure to call the SLTF to check your current balance and the exchange rate.
You can also make your loan payments without leaving home through mobile money. Simply dial the shortcode *737*206# and follow the prompts to make a payment. You can also use the MyGHPay app, which you can download on the Google Play Store. Register or log in, click on the SLTF logo, and follow the on-screen prompts to make a payment with your Visa or Mastercard.
Please note that it is in your best interest to pay off your loan sooner than the repayment period given to reduce interest charges.
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Repayment period: Pay sooner to reduce interest charges
The Students Loan Trust Fund (SLTF) advises that it is in the interest of applicants to pay off their loans sooner than the repayment period given to reduce interest charges. The maximum interest rate applied is 12% until reviewed.
There are several ways to pay off your student loan in Ghana sooner. You can walk into the SLTF head office at No. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel, to make a payment. Alternatively, you can make a payment by quoting your Social Security Number (SSN) through the following platforms:
- Mobile Money: by dialling the short code 737206# and following the prompts.
- MYGHPAY: by visiting the website www.myghpay.com or downloading the myghpay app on the Google Play Store. Register/login, click on the SLTF logo, and follow the onscreen prompts to make a payment with your Visa or Mastercard.
- GT COLLECT: Make a payment at any GT Bank branch across the country using a customised pay-in slip.
If you have travelled abroad, you can ask a friend or family member to make a payment on your behalf or send a money transfer to the SLTF, which will be credited to your account.
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Loan repayment channels: SLTF-approved channels only
The Students Loan Trust Fund (SLTF) advises borrowers making payments to use only SLTF-approved channels. These are listed on the SLTF website (www.sltf.gov.gh).
One approved channel is the SLTF head office at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel.
You can also make a payment via mobile money by dialling the short code *737*206# and following the prompts.
Another option is to use the MYGHPAY website (www.myghpay.com) or download the MYGHPAY app on the Google Play Store. Register or log in, click on the SLTF logo, and follow the onscreen prompts to make a payment with your Visa or MasterCard.
Additionally, you can make a payment at ANY GT Bank branch across the country using a customised pay-in slip.
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Loan repayment address: No. 47, 3rd Crescent Avenue Asylum Down, Accra
The Students Loan Trust Fund (SLTF) is a public institution that provides financial resources for the benefit of Ghanaian students pursuing accredited tertiary programs in Ghana. The SLTF head office address is No. 47, 3rd Crescent Avenue Asylum Down, Accra, near Highgate Hotel.
Students can walk into the head office to make loan payments. When making payments, borrowers must quote their Social Security Number (SSN) clearly. The SLTF also offers other payment methods, including:
- Mobile Money: by dialling the short code 737206# and following the prompts.
- MYGHPAY: by visiting www.myghpay.com or downloading the myghpay app on the Google Play Store, registering/logging in, clicking on the SLTF logo, and following the onscreen prompts to make a payment with Visa, MasterCard, or Mobile Money.
- GT COLLECT: Making a payment at any GT Bank branch across Ghana using a customised pay-in slip.
For students who are unable to visit the head office in Accra, the SLTF also operates zonal and campus offices across the country. Additionally, borrowers can send money directly to the SLTF or have friends or family members make payments on their behalf if they are abroad. It is important to check the student loan balance and exchange rates when making payments from outside the country.
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Frequently asked questions
You can pay your student loan in Ghana by:
- Visiting the head office of the SLTF at no. 47, 3rd Crescent Avenue Asylum Down, near Highgate Hotel.
- Using Mobile Money by dialling the short code *737*206# and following the prompts.
- Using the MYGHPAY website or downloading the app on the Google Play Store.
- Paying at ANY GT Bank branch across the country using a customised pay-in slip.
You will need your Social Security Number (SSN) to make a payment.
You can ask a friend or family member to make the payment on your behalf, or you can send a money transfer to the SLTF, who will credit your account.
No, the condition for repayment is not dependent on whether you have a job or not, but on exhausting the two-year grace period.
