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Students loan to go up by 50 percent

With the increment, the minimum a student can get as a loan from the government is GH¢1,100, and a maximum of GH¢2,000, depending on the students’ financial needs.

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Tertiary students will from the beginning of the next academic year – 2017/2018, get a 50 percent increment in the amount of loans they are eligible to take for a period of two semesters.

This is contained in the 2017 education budget which has been approved by parliament.

Currently, students are eligible to take a loan amount of a minimum of GH¢650 to GH¢1,000, and a maximum of GH¢ 1,600 to GH¢2000, payable over two Semesters.

But with the increment, the minimum a student can get as a loan from the government is GH¢1,100, and a maximum of GH¢2,000, depending on the students’ financial needs.

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Students are entitled to take the loan for a maximum of 6 years in their education life-cycle; and a 2-year grace period after completion.

The repayment period is between 2 and 10 years to repay, depending on the number of years one enjoys the loan.

The government has increased the education budget for the 2017 fiscal year by GHc1 billion.

Speaking at the town hall event marking the new government’s 100 days in office, the Vice president, Dr Bawumia said that the increment shows that government is committed to investing in the education sector.

Meanwhile, the total budget for the Ministry of Education, including GETFund, saw an increase of 20.7 percent in 2017 from GHc7.55billion in 2016 to GHc9.12billion.

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