Can’t take education loan off NPA: Finance minister

Can’t take education loan off NPA: Finance minister

TRICHY: The union ministry of finance refused to exempt education loans from non-performing asset (NPA) citing that Reserve Bank of India is against the exemption for maintaining credit discipline.  In a letter to the Union finance minister Arun Jaitley, MP Trichy Siva has urged not to bring education loans under NPA since non-payment of educational loan is affecting their Credit Information Bureau of India Limited (CIBIL) score.  Citing data from 2016, he highlighted that educational loan accounts for only 6.94 percent of the loans from banks. In the letter, he said that 37 percent of…

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Decoded: Five education loan myths

Decoded: Five education loan myths

A good solid education is a stepping stone to a successful professional life. While most parents strive to provide their children with the best education they can, lack of finances often act as a hindrance to academic aspirations. Today, the rising cost of education has made most students and parents turn towards Education Loan to fund higher education. And like with most financial products, education loan too has several myths surrounding, which I would like to dispel. Poor scores in entrance exams will hinder your loan approval: Many students worry that…

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Get an education loan, at a swipe

Get an education loan, at a swipe

Getting an educational loan in India is very difficult, mainly for students who do not qualify to study in the top institutes in the country. It is also tough to garner funds to purchase expensive devices such as tablets and laptops that are a necessity for most professional courses. This is the key anomaly that Bengaluru-based financial tech firm, Quicklo, is attempting to solve. Founded a couple of years ago by Mrigank Shekhar, Kush Srivastava and Rahul Saxena, classmates from IIT Delhi, Quiklo partners with banks and non-banking financial institutions…

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The Department Of Education Cuts Off A Student Loan Watchdog

The Department Of Education Cuts Off A Student Loan Watchdog

The letters “CFPB” may not be much more than alphabet soup to your average student loan borrower. They stand for Consumer Financial Protection Bureau, a new-ish federal agency — created in 2011 — with a unique mission and a big effect on student lenders and for-profit colleges accused of defrauding or otherwise mistreating Americans. But the U.S. Education Department has just called a halt to the enforcement collaboration between itself and CFPB. This move leaves 44 million student loan borrowers, owing $1.4 trillion in debt, with potentially less, or at…

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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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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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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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Scheme for education loan repayment launched

Scheme for education loan repayment launched

The Rs. 900 crore Education Loan Repayment Support Scheme announced by the State government was formally launched at a function here on Tuesday. Speaking on the occasion, Minister for Education C. Ravindranath made it clear that the government would expand the scheme infusing more funds, if need be, to cover all deserving candidates. “The present amount was arrived at on the basis of preliminary statistics gathered for the purpose. A detailed survey will be conducted to bring in all the deserving candidates and we will earmark more funds for the…

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More funds will be released for education loan repayment plan: C Raveendranath

More funds will be released for education loan repayment plan: C Raveendranath

KOTTAYAM: Education minister C Raveendranath on Tuesday launched the state government’s education loan repayment support scheme at the Town Hall here. Speaking at the function he said, if needed the government will provide more fund and all eligible students will be brought under this scheme. Currently, the government has earmarked Rs 900 crore for the scheme aimed at helping financially backward students. The scheme envisages government support to those who availed education loan for a period of four years. He said that the borrower alone cannot be blamed for failing…

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