Indian Government declares the Higher Education Loan Scheme

On Saturday, the Government of India has announced a loan scheme for higher education students and planning to set up an IIT (Indian Institute of Technology) Karnataka with IIMS in Andhra Pradesh, Jammu and Kashmir and upgrade Dhanbad College to IIT and Indian School of Mines.  

While presenting the fiscal year Union Budget’s list in the Lok Sabha, Delhi, Arun Jaitley, Finance Minister proclaimed that “We will setup a loan scheme for education for students who are pursuing higher education”.

“We will make sure that no student misses higher education due to lack of money”.

In Budget meeting, the finance minister also proclaimed to set up a Post Graduate Institute of Horticulture Research and Education in Amritsar.

Jaitley said that “I intend to improve the existing National Institute of Speech and Hearing to a university of Disability Studies and Rehabilitation”.

He also points out his intent to have major central institute in every state and planned to have new National Institutes of Pharmaceutical Education and Research in Chhattisgarh, Maharashtra and Rajasthan and Institute of Science and Education Research in Odisha and Nagaland.

“I intend to set up an IT based Student Financial Aid Authority through Pradhan Mantri Vidya Lakshmi Karyakram to manage and scrutinize Educational Loan Schemes and Scholarships, so that every higher education students can continue their studies without any money constraint”, he added.