Thursday, June 14, 2012

The need to talk about Educational Loans

I am extremely grateful to Aamir and the entire team of Satyamev Jayate for spreading awareness on various topics concerning us, the common Janata of India.

As a student from a middle-class family, my immediate concerns are very disconnected from the many issues that have been raised in Satyamev Jayate till now. After four years of engineering studies, now a huge task is glaring on my face- repaying the education loan that my parents took from a National bank for my education.

In a nation where car and home loans are cheaper than an educational loan, I would request the SMJ team to take up this issue. I can assure you that you would be spell-bound by the magnitude of support that you would get for this as this a problem that directly affects the youth of India irrespective of the gender, caste or color.

We should learn from a nation like Singapore which bases its development on the grounds of sound education. I am not very proud when I mention that I have received a full scholarship and S$ 2000 monthly stipend in a Singaporean National University for my PhD studies while I am yet to repay the huge interests that have piled up back here in my own country for an educational loan. Though I understand that India can't afford that much, but at least the Govt. should ensure an interest free moratorium period to encourage the students and their parents.

This is despite the fact that the Govt. of India has directed the National banks to waive the interests during the moratorium period. But every time I have gone to my bank to inquire on this, the send me back with a bland answer: " We don't know, we have not been directed anything yet!" (It should be noted that this announcement filled the newspapers as early as in 2009). Check this PIB link: Press Information Bureau .

 Lets hope for a better tomorrow, where we Indians work for our own India in an environment that is conducive for burden less education, so that we don't have to go abroad to get us a better future.

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