How much money will you get from your student loans?
You’ve been waiting on pins and needles, and now the time has finally come, your loans are disbursed!
What do you need to know? How much will you get? And what happens after that? Let’s break it down
What is a Student Loan Disbursement?
The financial aid office at the Student Loan Trust Fund (SLTF) is responsible for distributing the federal and state funding that has been allocated to students through grants, scholarships, work-study and loans.
They also provide disbursement of funds for tuition, housing, fees and charges. This disbursement includes a monthly billing statement with all charges incurred during the academic year such as books and other supplies, as well as transportation expenses or any personal/miscellaneous expenditures.
The Amount You’ll Get
The amount of federal education loan repayment assistance you can get depends on how much debt you owe, which type of financial aid or loan assistance program you’re in, and other variables.
Each program has its own requirements, conditions, and limitations. Fortunately, there are a few ways to figure out the monthly amount that most programs require borrowers to pay back each month or yearly:
The income-driven repayment plan (IDR) lets borrowers choose a monthly payment based on their current earnings.
When Will I Receive My Money?
The earliest disbursement date for Direct Subsidized Loans is the first day of school, which is usually before classes start in September. The latest it can be made is 30 days after school starts.
If Something Happens…
Financial emergencies are never fun, but they’re not the end of the world. This is where your emergency fund comes in handy.
If you don’t have one, create one today! Here’s a few more tips to prevent financial emergencies:
1) Build an emergency fund – to deal with financial setbacks that may come up in life.
How much loan can I get?
Your loan amount depends on your needs assessment. Currently, the loan amount ranges between GHS450.00 and GHS1,200.00.
Can I access the Loan if I guarantee for another student?
No. Any student who guarantees for another student does not qualify for the loan, he can only access if the borrower (i.e. The one he/she guaranteed for) gets a replacement guarantor for him/her.
How will I receive my loan?
Loan disbursement is done through the e-zwich platform alone.
How can I ensure speedy disbursement of my loan?
You have to ensure that you complete your loan application form properly, attach relevant supporting documents and submit your application early.
How do I know what percentage of that amount I am responsible for paying back after graduation?
With all these different types of loans to choose from it can be difficult to know how much you owe. You may also wonder who actually owns your loan if there are multiple people on the paperwork or if they are different types of loans.
Recommended reading: 1,116 first-generation graduates from the faculty of accounting and finance
Read also: Disbursement – Students Loan Trust Fund