Financing tertiary education can be challenging in Ghana, especially for students pursuing degrees both locally and abroad. Thankfully, several reliable institutions provide tailored loan products and support to help students bridge the funding gap. Here’s a roundup of the top options:
1. Students Loan Trust Fund (SLTF)
While not a commercial bank, SLTF is the primary government-backed institution offering no-interest or low-interest loans to Ghanaian students in accredited tertiary institutions. You must be a Ghanaian citizen, provide your Ghana Card, admission letter, student ID, and e-zwich card to apply. Eligible students can receive loans to cover tuition, living costs, books, and other academic expenses. Repayment is flexible typically via employer salary deduction or approved payment channels like mobile money, bank collect, or MyGHPay.
2. GCB Bank (Education Loans)
GCB Bank offers dedicated Student/ Education Loans for undergraduates, graduates, and professional programs like MBA, dental, and medical degrees. Their loans are typically approved within days, with transparent criteria. According to their site, they also offer refinancing options to help students better manage or consolidate existing educational debt.
3. First National Bank (FNB Ghana)
FNB’s Student Loan allows you to access funds for tuition, accommodation, study materials, or equipment. You get a personalized interest rate, and there’s a 12-month interest-only repayment option. The process is fully digital, accessible through their app, and you can reapply annually if your studies extend beyond one year.
4. Bank of Africa Ghana (Educational Loan)
The Bank of Africa offers an Educational Loan for salaried individuals who want to further their education or sponsor dependents. With interest rates starting around 10%, it’s an alternative worth exploring if you’re employed and need support for tuition or related academic costs. Required documents include ID (Ghana Card), payslips, and proof of address.
5. West Africa Development & Promotion Cooperative Union (WDPCCU)
WDPCCU provides School Fees Loans tailored for students and parents. These loans come with:
•Affordable 10% interest rate
•Repayment schedules aligned with school terms
•No collateral required
•Quick approval (24–48 hours)
This is a great option for families needing flexible support for tuition, textbooks, living expenses, and electronics up to GHC 50,000.
6. Africred (EdTech Financing for Students)
Africred recently expanded into Ghana with study loan products aimed at helping students pursue higher education or vocational training. It works through a digital platform offering fast, accessible financing—though specifics like interest rates and duration are still emerging. It’s worth watching as a modern fintech alternative.
Student Insight from Reddit
“Just go directly to the bank and ask for an education loan it’s not a big deal. Public banks may assist without collateral as well.”
Students often find that government-backed banks may have more flexible terms—though branches vary, it’s worth trying those in quieter areas or outside major cities.
Final Thoughts
If you’re searching for student loan support in Ghana:
•Start with the Students Loan Trust Fund (SLTF) it’s the most accessible option for Ghanaian citizens needing affordable funding.
•For quick, flexible loans, FNB Ghana and Bank of Africa provide tailored student financing.
•GCB’s Education Loan is reliable for professional and postgraduate courses.
•WDPCCU is ideal for families needing term-aligned, low-interest support without collateral.
•Africred is a promising digital option worth exploring for EdTech-style financing.
