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Category: What Cause Ed 2016 | Author: admin 04.01.2014
Details about Education loans availability in India and the high cost & burden associated with it. A few days back, for millions of (prospective) students across India, it was a good news to hear on the television when the Finance Minister gave a statement that no student education loan application can be turned down by a banker if the student has a valid loan application. As an independent individual, I dont think allowing every single student to apply and get a education loan is a good idea.
Not just in cities, you can now find MBA colleges, engineering colleges, medical, dental & pharmacy colleges in remote areas and villages and sub-urbs in all parts of the country. By offering easy education loans in such scenario would mean that anyone and everyone who has secured admission and has eligibility is guaranteed of education loan. Time and again Corporate India and several research studies have raised questions about employability of majority of professional course students in India.
Given these constraints, does it really make sense to offer education loans to one and all, just because there has been a secure admission and eligibility criteria fulfilled? What if a student after completing the studies on such education loan is not able to secure a job or cannot start his own business.
Worst hit are the ignorant people from the lower rung, who have high hopes from our education system. By offering kind of guaranteed loans like this to all students irrespective of the quality of institute (or the student), the banks will end up having a risk of rising NPA's or non-performing assets. Overall, this does not look like a good move to enable all students to take education loan. The challenge or problems in the above process is that everything is dependent on the loan officer.
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What this means is that everyone who secures admission in any kind of college can be assured and guaranteed a student loan. For a moment, forget about the top notch institutes like IIM, IIT, NIT, AIIMS, quality government colleges, etc. Some have affiliations for admission with standard entrance exams, some conduct their own entrace exams, while some offer direct admissions.
The low quality institutes (already charging a high cost) will start charging even more, stating that education loans are available so all high cost of education should be affordable. It sounds good and fair to offer loans to all candidates, but what may come as a pain is the repayment process for the candidate. However small or however big, however short tenure or long tenure - a loan remains a burden unless it is paid off in full and got rid off completely.
They send their children to study at one fo these mushrooming not-upto-the-mark institutes by taking education loan, with a hope that he will study, get employed and will enable them to live a happy life. There will be a risk of default which will come if the students are not employable or fail to get a suitable salary sufficient to repay their home loans. The current education loan approval system, which is based upon the decision taken by the bank officers, may have some problems but it is still better.
If he she denies the loan application, there may not be any mechanism to get it reviewed or even questioned.
Except for a few top institutes, the education space is majorly occupied by the average (and some even below average) institutes where quality and standards of education provided has always been in question.
What quality of students (and teaching staff) is expected at such mushrooming colleges is a debatable question.


When you take a loan, it means that you are spending your future income, something which you dont have now and EXPECT to get in future. Fine to say that parents or others can help or mortgage property with the bank, but will that help practically? Probably this is the issue that the finance minister is trying to address, but the suggestion to allow anyone and everyone to take a education loan will cause a bigger and widespread problem. The content should NOT to be reproduced on any other website or through other medium, without the author's permission. If a loan is not given, the decision can be taken only at one level higher to the officer receiving the loan application," Chidambaram said.
With the political class getting easy approvals to start colleges and institutes on their own (or through their relatives or friends), there has been a flood of professional institutions mushrooming in all parts of India.
In case the quality of institute or the the students is not upto the mark, the question comes about their eligibility to employment. There is a big risk of you not getting that expected future income, but your loan liability will continue to haunt you.
Once a student meets the harsh world of employment with high cost of living in cities, it is quite possible that even with his employment his salary may not be sufficient to meet the loan obligation.
Even if the education loan is paid off, there are others lined up for life - vehicle loan, home loan, other expenses, etc.
Whether they will be able to secure employment after course completion remains a big question.



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