SOCIAL SECURITY AND NATIONAL INSURANCE TRUST
Frequently Asked Questions

The Students’ Loan Scheme is a financial arrangement under which Ghanaian Students enrolled and pursuing approved courses in tertiary institutions in Ghana are granted loans to assist with the financing of their education.

Essentially, the loan is meant to supplement the students’ own private resources, such as the financial support parents already give them.

The loan level to be granted in each academic year is determined by Government in consultation with Tertiary Students’ Representatives and SSNIT.

SSNIT has since 2006/2007 academic year stopped granting loans to fresh students.

This responsibility has been taken over by the Students Loan Trust Fund.

However SSNIT still continues to grant loans of GH¢400.00 per year to continuing students who were loan beneficiaries before 2006/2007 academic year (i.e. students undertaking long duration courses eg. Medicine, Engineering, Architecture etc.)  This will eventually end in year 2013.

The student can replace any of his/her guarantors when he is still in school, provided the incoming guarantor meets the qualification to guarantee;

— Has not guaranteed for more than two loan beneficiaries already. He/she completes Form SL.3.

— A guarantor with five years contributions can guarantee for only one student.

You are allowed to replace a guarantor within two (2) years after completion of school.

As soon as you are in a position to do so after completion of your course of study, i.e. when you are gainfully employed. However, when you fail to pay back the loan, SSNIT is authorized by law to deduct the loan from your contributions. Where the loan beneficiary is employed by a non-contributory organisation, the employer is also enjoined by the Student Loan Law to deduct the loan and pay same to SSNIT within fifteen (15) days after deduction.

Request for your loan balance at any of the SSNIT Customer Care Units at our Branches throughout the country, the Students Loan Department at the SSNIT Head Office (Pension House) behind the National Theatre, Accra by phone, and online through the internet (studentloan@ssnit.org.gh). Basically the total loan is the principal and your portion of the interest which is currently 10%.

The options for repayment are:

a) Cash – outright or installment (if by installment, you pay a third at a time)

b) Use of Social Security contributions.

c) Deductions from the guarantor(‘s’) benefit.

Make a formal request to the Students Loan Manager when you want to use your contributions to repay your loan. If the total contribution in your account is sufficient to clear the total loan then all the three guarantors will be released.

Where your total available contribution is not enough to clear your total loan, you need to state the guarantor(s) to be released. These requests can be posted to the Students Loan Manager, SSNIT, P O Box MB 149, Ministries, Accra, or deposited at any SSNIT Branch or submit the letter directly to Students Loan Department or online.(studentloan@ssnit.org.gh)

No! A guarantor or any other person’s contributions cannot be attached by SSNIT for the purpose of Student loan repayment.

  • However, one may authorize SSNIT to deduct a portion or the total loan from his Pension benefit upon retirement.
  • Another option is to replace the guarantor.

Beneficiaries of deceased borrower or guarantor may also authorize SSNIT to deduct the total loan or 1/3 portion form their survivors benefit.

Yes! Through the Ghana International Bank/London, U.K using the following details:

Ghana International Bank, 1st Floor, 10 Old Broad Street, EC2N IDW, UK.
Email: customer.services@ghanabank.co.ukwww.ghanaban.co.uk
Tel: +44 (0) 20 7653 0350 or 0845 6058 004
Fax: +44 (0) 207248 2929

ACCOUNT DETAILS:

In the UK:
IBAN GB07GHIB70061301483704
SORT CODE 70-06-13
SWIFT: GHIBGB21L
GBP ACCOUINT NO. 01483704

In the USA you may pay/wire/transfer to:
J P Morgan Chase
IBAN GB77 GHIB 7006 1301 4837 05
SWIFT CODECHA S US33
FEDWIRE: No. 021000021
ACCOUNT NAME: GHANA INTERNATIONAL BANK
SSNIT ACCOUNT NO. 01483705

Guarantors will be released only when a loan beneficiary fulfills all obligations to the Trust.

  • However when a loan beneficiary makes one-third payment of the total indebtedness one guarantor will be released.
  • Two-thirds payment, two guarantors will be released.
  • Full payment, all three guarantors will be released.
    • A Release of Guarantor Letter will automatically be issued as certificate of discharge from student loan obligation.

SSNIT as Administrator of a Pension Fund sustains the payment of pension and the other benefits by investing all monies contributed into the Pension Fund. The Trust’s contribution towards the Students Loan Scheme was purposely to invest some of its fund to generate interest for the payments of benefits to its members. Therefore, the moment the cheque for the initial installment is sent to the student’s bank, interest starts to accrue using the date the bank received the cheque.

The student loan attracts a compound interest rate based on the prevailing Treasury Bill rate. The student borrower pays 10% and the Government of Ghana pays the difference between the 10% and the prevailing Treasury bill rate.

The student borrower’s portion of the interest rate of 10% is calculated and spread over twelve months. Therefore, your loan balance given to you on August 31, 2010 is your loan balance as at July 31, 2010 and will increase if you come to pay in September, 2010. This is because August 2010 interest will be added to give you your new/current loan balance as at August, 2010.

For further information, please contact:-

SSNIT PENSION HOUSE,
P.O. BOX MB 149, MINISTRIES, ACCRA
TEL: 0302- 667731/4-9, 668663-5 EXT. 3027, 3028, 3032, 3033
HOT LINE: 0302- 6697977/667738
E-MAIL: studentloan@ssnit.org.gh

or

SSNIT CONTACT CENTRE, SSNIT PENSION HOUSE,
POST OFFICE BOX MB 149, MINISTRIES, ACCRA
TEL: 0302 611622
FAX: 0302 680520

E-MAIL: contactcentre@ssnit.org.gh

or

STUDENTS LOAN TRUST FUND

HSE # 47,3RD CRESCENT

ASYLUM DOWN – ACCRA

TEL: +233(0)302231886

FAX: +233(0)302231873

EMAIL: info@sltf.gov.gh

WEBSITE: http://www.sltf.gov.gh

WHATSAPP: +233(0)504021579

 

 

 

The office is located at Asylum Down, near High Gate Hotel.

Hse # 47,3rd Crescent

Asylum down – Accra

Phone: +233(0)302231886

Fax: +233(0)302231873

Email: info@sltf.gov.gh

Website: http://www.sltf.gov.gh

WhatsApp: +233(0)504021579/0302 231886/0302 231887