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.
REPAYMENT : When can I start repayment of my loan?
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.
How do I re-pay my loan with my Social Security contributions?
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.()
As a guardian or a parent, can I request my ward’s loan to be deducted from my contributions upon failing to repay www.paydayloanadvance.net/payday-loans-nd even when I did not guarantee for him/her?
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.
Can I repay my loan if I am resident outside Ghana?
Ghana International Bank, 1st Floor, 10 Old Broad Street, EC2N IDW, UK. Email: Tel: +44 (0) 20 7653 0350 or 0845 6058 004 Fax: +44 (0) 207248 2929 ACCOUNT DETAILS:
In the USA you may pay/wire/transfer to: J P Morgan Chase IBAN GB77 GHIB 7006 1301 4837 05 SWIFT COE: GHANA INTERNATIONAL BANK SSNIT ACCOUNT NO. 01483705
GUARANTOR RELEASE : How do I get my guarantors released?
- 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.
INTEREST CHARGED ON LOAN : Why does the student loan attracts interest immediately the first installment is disbursed?
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.
Why does the loan indebtedness keeps changing when you call at different times for your loan balance (eg. )?
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 and will increase if you come to pay in interest will be added to give you your new/current loan balance as at .
Where To Get Help or Advice?
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- 66938 E-MAIL:
