Currently, students who opt for the students loans receive from GHS750.00 and GHS1,000.00.

But with the increment, students will now receive GH¢1,000 as minimum and GH¢2,000 as maximum loans under the prevailing Students Loan Trust.

READ ALSO: Students Loan Trust Fund

He also announced the introduction of a new component of the Students Loan Trust known as the Students Loan Plus, which is mainly for cash-strapped students.

Under the Students Loan Plus, beneficiaries could access an extra GH¢2,000 in addition to the existing loans, the President said.

"Just last Wednesday, I received some good news. The Student Loan Trust Board has reviewed the students loan rates of the Students Loan Trust," he added.

The president, however, indicated that students who would want to access the Students Loan Plus must be certified to be cash-strapped students who could not even afford their admission fees.