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Subsidy in Higher Education- HRD Ministry, Shashi Tharoor

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Subsidy in Higher Education-Tharoor.
The Lok Sabha was informed that more than two crore students studied in colleges and universities in the country.

Replying to a question, the Minister of State for Human Resource Development, Dr. Shashi Tharoor said that over 25 lakh students have benefited under the interest subsidy scheme so far which constitutes 12.5% of the students in higher education.

The Central Government has introduced a scheme to provide interest subsidy for the period of moratorium of Education Loans taken by students from Economically Weaker Sections. That means whose annual family income is below Rs. 4.5 laky per year.

Also the loans should have been taken from scheduled banks under the Educational Loan Schemes of the Indian Bank's Association to pursue technical/professional education studies in India.

The Central Government does not provide any interest subsidy on primary and secondary education.

The Central Government has taken the following steps so that the maximum number of students can avail the benefits of the subsidy.

State Governments have been required to declare designated authorities for the purpose of issuing the family income certificate;

The subsidy scheme has been extended to all the banks coming under the Second Schedule of the Reserve Bank of India Act, 1934; and

The IBA has recently issued a revised Model Education Loan Scheme permitting banks to consider meritorious students eligible for loans under this scheme even if the students chooses to pursue a course under the Management Quota of private institutions. (PIB)

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