Education is a very vital key in our current life. However, not all can afford it. Some may start and drop out halfway due to financial constraints. It is in this view that student loans are made available to help such individuals meet their goals in academia.
The role of students loan among students can not be emphasized enough since it plays a great role in supporting students’ educational pursuits in several ways giving several students leeway to pursue higher education and professional growth.
This article does not only highlight how to get a student loan in Ghana quickly but also provides guides on which one suits one’s educational aspirations, plans, repayment systems, and benefits one can derive from getting a student loan. If any of the following rings a bell, then this article is for you and even if you don’t look forward to getting a loan, it might well provide great insights
Benefits of The Students Loan
Being a student in level 200 some years back was a great challenge due to my background where I couldn’t get enough support from home and l wasn’t on any form of scholarship and l was so determined to acquire my degree without having to put my course aside for later reading or whatsoever. So the best solution I was given was to apply for a student loan which helped me to conveniently pay off my fees and save my ass from dropping out of my degree program or putting it aside for later reading that’s if l may ever even come back to it.
Another benefit of getting a student loan is you don’t necessarily need a credit history or need to be in the working force to be granted student loans however in some instances you’d only need a guarantor to be able to access students’ loans.
Furthermore, student loans often have lower interest rates than normal private loans which will otherwise squeeze blood and sweat from your body in times of repayment. They know you’re a student so they wouldn’t want to add to your already existing problem.
Aside from the other benefits associated with student loans, most students do not require repayment until after graduation, and in some cases, they wait till you secure a job after graduation in some cases as well as options for deferment of loans or even forgiveness when applicable. So in other words you’ll have some peace and space to focus on your academics when you secure a student loan than most private loans.
Where To Apply For Students loan In Ghana
In Ghana, there are a lot of loan options students can explore which include both Government option loans and private option loans. The Government student loan requires students to provide a strong statement of purpose that highlights their educational goal or career as well as their family’s income and other financial information because they are awarded based on financial needs.
Government students loan can be accessed from the Students Loan Trust Fund (SLTF), various governmental banks and financial institutions, and the National Youth Employment Program.
Private loans often have less rates than government loans with a more flexible application process and repayment options and most private loans require guarantors and can be gotten from various private institutions. It is imperative to compare and contrast various options to make sure you’re getting the best deal from your various options.
The Benefits of students loan cannot be overemphasized for students looking forward to furthering their higher education with support and less stress however, the process can be a little confusing for a lot of people so this article makes the process clearer and simplified for anyone looking forward to take advantage of the various student loans available.
Requirements For Getting Students Loan
- One must be a Ghanaian citizen by birth and have been offered admission to study in an accredited tertiary institution in the country.
- One must possess a valid Ghana card number which can be accessed at any designated Ghana Revenue Authority(GRA) office for free.
- One must also be pursuing a tertiary program such as a Diploma or a first Degree and has an admission letter with and student Identity Card (ID)
- Last but not least is an active registered Mobile Phone Number, a valid Email Address, and an E-switch card which can be obtained from any bank.
It is imperative to assess the requirements of the student loan being pursued to ensure eligibility and specific repayment options available before you proceed to take the next step of the process to apply for the student loan of your choice which is in the next step below.
Steps To Apply For a Students Loan
- Gather the necessary documents provided in the required options such as your admission letter, student ID, transcript, and other valuable documents that will smoothen the process.
- Identify the suitable loan options available and provide the necessary details you’ve gathered to start the registration process accurately and thoroughly.
- Click the submit button after filling out the various options provided with the correct details and the various documents needed for verification.
- After submission, wait for a response and check if further verification is needed to fill out and fill it out which increases your eligibility rate of securing the loan.
- Review and sign all the necessary agreements and follow the instructions provided by the loan providers. If there has to be a part filled by a guarantor, make sure to fill it out and provide the right details and wait for disbursement.
After getting your loan approved, you have to consider various repayment options which include sometimes monthly installments for a set period. some too especially federal student loans require one to graduate and secure employment, however, other options include deducting directly from the beneficiary’s account or periodic deductions who are not employees of the government but in the private sector. One could as well pay outright the whole amount due and the interest to get off the loan list.
Conclusion
Students loan is a great way to seek assistance in times when one finds it hard to pay their tuition and sometimes seek flexibility in their education without much support.
Education is a great investment for the future so you have to know it is a great investment for the future. Acquiring a student loan is a straightforward one and the process can be started right away.
You can apply for a student loan on the official website of the Student Loan Trust Fund. It is less stressful and no fees or intermediary is needed to secure funds.
