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Finance Ministry: Over 4.60 lakh students have taken out loans to study abroad in the past ten years.
Pranay Trivedi
- February 14, 2023
- 10:27 am
- Last Updated: February 14, 2023
- 11:17 am
According to data provided to the Parliament, during the past 10 years, a continuous increase in the number of students obtaining school loans has been seen.
The Ministry of Finance informed the Lok Sabha on Monday that 4,61,017 students had accessed educational loans for studying abroad over the previous ten years, according to data from Public Sector Banks (PSBs). 42,364 of these students have gotten student loans to study medicine.
The number of students taking out college loans has steadily increased over the past ten years, according to data provided in the parliament. 22,200 students received school loan disbursement in total in 2012–13, and the number increased through 2020.
56,930 students applied for education loans during the pandemic year, which is significantly fewer than the 69,183 students who applied for loans to study abroad in 2019, when there were 56,930 students. The damage was progressively repaired the next year (2021), when 69,898 students applied for student loans.
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The amount of loans given out for studying medicine overseas has constantly increased, despite the advent of Covid-19 and the impact of the war between Russia and Ukraine on medical students.
The report also reveals that over the previous ten years, student loans of Rs 39,268.82 crore were disbursed. Loans of Rs 1,790.16 crore of this money were given out for medical schooling abroad
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