The burden of education loan

The burden of education loan

With the cost of education rising, more students seem to prefer education loans. But, many are finding themselves without jobs, even after paying for expensive education. According to recent reports, the total education loan dues in the banking system had risen from Rs 48,382 crore to Rs 72,336 crore, a rise of 49.5 per cent, between March 2013 and December 2016. In comparison, non-performing assets in this segment was up 142 per cent, from Rs 2,615 crore to Rs 6,336 crore in the same period. Clearly, more and more students…

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142 per cent rise in bad education loans in 3 years

142 per cent rise in bad education loans in 3 years

Indian banks have seen a 142 per cent rise in default by students who have taken education loans during the past few years, at a time when hiring for new jobs has slowed down and tech companies have started laying off employees. State-owned banks, which are already weighed down by huge defaults by corporates, are the worst hit as they account for over 90 per cent of educational loans. Private banks have largely stayed away from this segment. In the education segment, the total non-performing assets (NPAs), or loans on…

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Reforming student loans and tax credits

Reforming student loans and tax credits

Student debt has reached the top of the national agenda, thanks in part to the significant expansion in the stock of outstanding student loans over the past decade. There is now $1.3 trillion in federal student-loan debt outstanding, up from $441 billion just a decade ago. The increase is a function of rising college costs, increases in student enrollments, and the expansion of federal loan programs. Over that period, total enrollments in post-secondary education grew from 17.5 to 20.3 million students. The federal role in higher-education lending has expanded significantly…

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Betsy DeVos Picked A Student Loan CEO To Run The Student Loan System

Betsy DeVos Picked A Student Loan CEO To Run The Student Loan System

When the Trump administration announced its pick to run the $1.3 trillion federal student loan system on Tuesday, there was one notable thing about the candidate that wasn’t mentioned in the press release: He’s the CEO of a private student loan company. The Education Department’s statement described A. Wayne Johnson as the “Founder, Chairman and former CEO” of a payments technology company called First Performance Corporation. It noted his PhD in education leadership, and Education Secretary Betsy DeVos, citing his dissertation, said he “actually wrote the book on student loan…

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MoU signed to offer education loans sans any guarantee

MoU signed to offer education loans sans any guarantee

Director NITHM S. Chinnam Reddy   | Photo Credit: BY ARRANGEMENT   National Institute of Tourism & Hospitality Management (NITHM) entered into a Memorandum of Understanding (MoU) with the Indian Overseas Bank, Gachibowli Branch to facilitate education loans to the students without any guarantee or collateral security. Bank Chief Regional Manager Shivkumar Chaturvedi and Director NITHM S. Chinnam Reddy and other officials were present during the signing on Thursday. Two new education loan schemes — Vidhya Surakhas and Vidhya Jyothi introduced by Government of India are to help students studying…

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7 Things To Keep In Mind While Financing Your Education

7 Things To Keep In Mind While Financing Your Education

If you’re an aspiring graduate, or an experienced professional enrolling into a professional MBA program or higher studies, chances are you might need to fund your university education. It also might be one of the biggest financial decisions you make that will impact your earnings potential and financial goals in the long-term. While securing educational loans has become pretty commonplace with all major financial institutions following standard practices in granting these loans, here are some tips to keep in mind before you sign up for one. Finding funds In India,…

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Why Betsy DeVos Will Rewrite These Student Loan Forgiveness Rules

Why Betsy DeVos Will Rewrite These Student Loan Forgiveness Rules

The Trump administration announced Wednesday that it will rewrite two Obama-era rules intended to protect student loan borrowers. The U.S. Department of Education said new committees will be formed to rewrite rules for Borrower Defense To Repaying and Gainful Employment. Here’s what you need to know. What Is Borrower Defense To Repaying? Borrower Defense To Repaying allows students to have their federal student loans forgiven if a school employed illegal or deceptive practices to encourage the students to borrow debt to attend the school. This rule was scheduled to become…

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HC seeks status report on farm loan waiver in Telangana, Andhra

HC seeks status report on farm loan waiver in Telangana, Andhra

HYDERABAD: The high court on Tuesday sought status reports from AP and Telangana on the implementation of farm loan waiver schemes. The bench of acting Chief JusticeRamesh Ranganathan and Justice T Rajani was dealing with three PILs urging the court to save distressed farmers from ending their lives. While AP informed the court that it had constituted an independent commission to look into the farm crisis, Telangana explained the steps it was taking in this respect. K Siva Ram Reddy, the party in person, told the court that a one-time…

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Students make beeline for loans from educational trusts

Students make beeline for loans from educational trusts

By Jyotirmoyee Ghosh If didn’t get the scholarsI hip, would’ve dropped a year,” says Anubhav Khamroi, who received Rs 2 lakh under Jindal Law School’s Savitri Jindal Global Scholarship in Delhi. Khamroi, a second year BA LLB student, got a merit-based scholarship after attaining 90% in the LSAT entrance exam. “The scholarship has really reduced the financial burden on my family ,” said Khamroi. Scholarships have become essential for middle-class students as cost of higher education has skyrocketed in recent years. At top institutions, the annual fees for professional courses…

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Education budget: A paradise lost

Education budget: A paradise lost

“But all was false and hollow; though his tongue Dropp’d manna and could make the worse appear the better reason.” John Milton, Paradise Lost, II.I.112 W e had a vision of a more perfect nation where democracy and equality were more than aspirations. We believed we could make this piece of paradise real with the unity of the people and the purposefulness of our governments. But this has been reduced to an endless series of false and hollow incantations whose lifespan is as transient as its denial in the next…

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