Saturday, May 15, 2010

Lok Satta welcomes 4% loans to students

The Lok Satta Party today whole-heartedly welcomed the Union Ministry for Human Resource Development plans to facilitate grant of bank loans at four percent interest to students for pursuing higher education.

The proposed policy is in tune with the Lok Satta Party’s stand that every one should be provided quality education free of cost and that no student is denied an opportunity to pursue higher education because of poverty so long as s/he is desirous and deserving.

Talking to the media, party leaders Katari Srinivasa Rao and V. Laxman Balaji recalled that the Andhra Pradesh Government has run into trouble in fulfilling its promise to reimburse tuition fee to a limited number of students. The proposed bank loan scheme will enable every deserving student to pursue higher education and it is doubly welcome in the context of foreign universities opening their campuses in India.

The Lok Satta leaders underlined that the State Government could stand guarantee for repayment of loans by students and consider even subsidizing part of interest payment, if necessary. The banks should consider the ability of the students to repay loans once they complete education and land a job and not insist on collaterals.

The proposed scheme will go a long way in building human resources in India which has a demographic advantage, said the Lok Satta leaders.

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