Student loan process to be eased with Government rating academic institutes

The whole process of obtaining student loans is all set to get simplified with the Government of India trying to devise a process of rating academic institutes in the country. The move is in a bid to simplify the process of student loans. 

According to reports, a list consisting of institutes and their ranks will aid the Ministry of Human Resource Development (MHRD) in easing the entire process of providing and acquiring loans for higher education. As per the plan, students who join institutes mentioned in the list will be granted preference to obtain study loans to pursue higher education. Moreover, the loans can be acquired in a hassle-free manner.

The measure is being adopted due to a large number of complaints coming in from eligible students who have faced hassles in obtaining study loans. Reports state that since 2010-1011, there has been a significant rise in the demand for student loans. As a result, many banks are now asking for the grading of academic institutes, so that the risk on study loans can be minimized. More than two crore students are currently pursuing their higher education in 35,829 colleges and 665 universities in India, according to the provisional report of the All India Survey on Higher Education 2012-13 (AISHE 2012-13).