Education Is Important

This year there might be an increase in the education loan rates and this might turn out difficult for students who want to apply for an education loan. In the US, an old law cuts the education loan rates from 6.8% to 3.4% issued by the federal government. Last year, congress did various campaigns to extend the date for change in the education loan rates. However this date has also expired leading to higher education loan rates.

The concept of education loan rates is comparatively new in India and banks have started to focus on the education loan since it has been launched. The Indian Government in consultation with the RBI and the Indian Banker’s Association has framed an educational loan scheme to ensure that every deserving student should get the chance of higher studies.

Summary: Any change in the economy of US directly impacts ours and thus Indian Government is constantly making efforts to do as much possible to avoid any kind of restrictions on the higher education of students in India due to any change of education loan rates.