The Students 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.
For the purpose of achieving the objectives of the Trust Fund, monies from the Trust Fund shall be applied to the relevant activities that the Trustees of the Fund may determine, including, in particular
a. The provision of facilities to enhance the tertiary education to support students.
b. The provision of moneys to support any other activities and programmes for the promotion of relevant courses as determined by the Trustees, in consultation with the Minister.
The Students Loans Trust Fund is governed by a Board of Trustees that comprises of distinguished individuals of relevant backgrounds relevant to the business of SLTF. The members of the board are appointed by the President of the Republic. The day – to – day administration of the SLTF is headed by CEO, assisted by a team of dedicated professionals. The SLTF also has Campus offices in major institutions. The functions of these offices include:
a. Provide first stop for student inquiries.
b. Pickup and drop off points for Loan Application forms.
c. Loan Application verification for completeness of forms.
d. Liaise between the SLTF and the loan applicants.
e. Disseminate information to students in a timely manner.
The sources of loanable funds for SLTF include:
a. Monies paid into the Trust Fund representing up to ten percent of all the inflows into the Ghana Education Trust Fund.
b. Voluntary contributions which will be tax deductible.
c. Mobilization of resources from Ghana’s international partners interested in the advancement of tertiary education.
d. Contributions from the corporate sector that shall be tax deductible up to the equivalent of 0.5% of the company’s actual profit before tax.
e. Loans from Social Security and National Insurance Trust.
Ghana’s “No Academic Fee” policy, also known as the “No Fees Stress” initiative, is primarily funded through the Ghana Education Trust Fund (GETFund).
The government allocates funds to GETFund, which then disburses them directly to the public tertiary institutions to cover the academic facility user fees for first-year students. This direct disbursement aims to ensure timely payment and reduce administrative delays.
Here’s a more detailed breakdown:
Government Allocation:
The government, under President John Mahama, allocated a specific amount, initially reported as GH¢452.9 million, to cover the fees for over 150,000 first-year students. This amount was later revised to GH¢499.8 million.
GETFund Disbursement:
The allocated funds are channeled through the Ghana Education Trust Fund (GETFund).
Direct Payment to Institutions:
GETFund is instructed to pay the fees directly to the tertiary institutions, bypassing the students.
No-Fees-Stress Portal:
A digital portal, “No-Fees-Stress”, has been launched to allow students to register and verify their eligibility for the policy. This portal is managed by the Students Loan Trust Fund (SLTF).
Reimbursement System:
Students who had already paid their fees for the 2024/2025 academic year were to be reimbursed, according to Education Minister Haruna Iddrisu. The SLTF is responsible for managing the reimbursement process, with reimbursements expected to begin by the end of June.
Targeted Policy:
The policy specifically targets first-year students in public tertiary institutions, including universities, polytechnics, colleges of education, and nursing training colleges