Major Reforms Announced Under President Mahama’s Reset Agenda to Improve Student Loan Access

The Students Loan Trust Fund (SLTF) has announced a series of major reforms following President John Dramani Mahama’s directive under his Reset Agenda, aimed at improving the affordability, accessibility, and equity of higher education in Ghana.

In a statement signed by Dr. Saajida Shiraz, Chief Executive Officer of the SLTF, the Fund outlined several new measures designed to provide greater financial relief and support for tertiary students nationwide.

🔹 Introduction of 

Students Loan Plus

A key feature of the reforms is the Students Loan Plus package, introduced as part of the government’s No Fees Stress Initiative. This package provides full fee coverage loans that are disbursed directly to tertiary institutions on behalf of eligible students. The initiative is expected to significantly reduce financial barriers faced by students during enrolment and registration.

🔹 Increased Loan Amounts for Regular Students

The SLTF also announced a 50% increase in loan amounts for regular student loans that are paid directly to beneficiaries. With the adjustment, loan amounts now range between GHC 2,250.00 and GHC 4,500.00 per academic year, depending on the student’s financial need and level of study.

🔹 Reduction in Interest Rates

To ease repayment burdens, the interest rate on student loans has been reduced from 12% annual compound interest to 6% simple interest during the study and moratorium period. This move is expected to make loan repayment more manageable for graduates entering the job market.

🔹 Streamlined Application and Disbursement Process

The SLTF has also simplified its application system by removing the E-zwich requirement. Instead, GCB Bank accounts will be automatically created for new applicants through the No Fees Stress portal, ensuring faster and more seamless disbursements.

According to the Fund, these reforms form part of broader efforts by the Ministry of Education and the SLTF to promote inclusive and equitable access to tertiary education across Ghana.

“Under the auspices of the Ministry of Education, the Students Loan Trust Fund remains committed to enhancing equitable access to affordable and inclusive tertiary education,” the statement added.

The reforms take immediate effect and are expected to benefit thousands of Ghanaian tertiary students in the 2025/2026 academic year.