Enable repayment of student loans

In the case of students not getting employed after availing of the loan, the Government can recruit them as outsourced temporary hands in the respective Departments / Ministries and deduct the EMIs from their monthly pay/stipend.

No student should be denied education due to lack of resources and no bank should be denied its EMI due to lack of systems and a nonchalant attitude, particularly on the part of better-off sections.

We might have to amend many laws and regulations (such as equating educational loan EMIs with TDS and stamping passports). But it is vital to look at the issue as one of enhancing opportunities available to all sections as education by definition equalises different classes in society.

This should not be attempted by the Government using the socialistic paradigms of the 1960s by creating funds or by being the guarantor for loans. It will increase NPAs as it will be felt that the “Ma-Baap Sarkar” will take care of the repayment. This will send a wrong signal.

If education is to continue to play the role of equaliser across class segments and if learning has to be acquired by borrowing, the only way out is to strengthen institutions, instruments and regulations in this sector so that the repayments are made correctly and promptly to the banks.

Equally important is to make youngsters responsible for their actions and make them understand that they are role models for future generations.

Hence, repayment of money borrowed for education is a social duty. Let us not try to pamper segments that are already pampered enough.

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