SLTF @ 20 song competition launched
The Student Loan Trust Fund (SLTF) has introduced a series of initiatives to ease the financial burden on students and expand access to tertiary education across the country.
The initiatives include reducing interest rates, increasing loan amounts, and rolling out the “No Fees Stress” policy for tertiary students.
The initiatives were announced at the media launch of the SLTF @ 20 Song Competition in Accra, where interest rates on student loans were reduced from 12 per cent to six per cent, alongside a 50 per cent increase in loan amounts.
Anniversary song competition
The SLTF @ 20 Song Competition aims to discover and nurture young musical talent, while promoting awareness of tertiary education financing.
The competition, launched in partnership with Hot Wav and fully sponsored by the company, is expected to provide a platform for young artistes to showcase their talents and gain mentorship and exposure in the music industry.
The Chief Executive Officer of the SLTF, Dr Saajida Shiraz, said the fund was strengthening its support systems to improve access to tertiary education.
She said the fund had introduced key initiatives such as the “No Fees Stress” policy and the digitalisation of loan processes to enhance efficiency.
Role of SLTF
Dr Shiraz noted that the SLTF had, over the years, supported thousands of students, helping to bridge financial gaps and contribute to national development.
She explained that under the “No Fees Stress” initiative introduced by President John Dramani Mahama, interventions such as fee support for students, free tertiary education for persons with disabilities and the Student Loan Plus initiative had been rolled out.
She added that for the first time, students at the Ghana School of Law were benefiting from the scheme, with about 600 students already receiving full fee coverage.
Dr Shiraz further stated that the reduction in interest from a 12 per cent compound rate to a six per cent simple interest rate, alongside the 50 per cent increase in loan amounts, was intended to improve affordability.
Impact of initiatives
The President of the National Union of Ghana Students (NUGS), Rashid Ibrahim, described the measures as significant, saying that they would reduce financial pressure on students.
He said one of the most significant developments in recent years had been the reduction in interest rates on student loans from 12 per cent to six per cent, alongside a 50 per cent increase in loan amounts.
Mr Ibrahim urged beneficiaries to honour their repayment obligations after graduation to sustain the scheme.
The Chief Executive Officer of Hot Wav, Philip Nana Kwame Brobbey, said the competition reflected efforts to engage young people and create opportunities that combine education with creativity.
He said the initiative would help bridge the gap between education and the creative industry, while providing mentorship and exposure for young people.
