Expensive Higher Education

All kids should go to Germany to get free education !

 

Dear @Kamalji ,

A snippet on a very important issue facing the country with good suggestions.

In our country bank loans are the first casualty for anyone to please the irresponsible vote bank.

Our society is full of people who think banks can be cheated. Farmers, large corporates, industries, traders, students, self employed women group - name anyone who can - do not feel ashamed of defaulting loans. Courts are having soft corner for defaulters. The progress of civil suits takes 12- 15 years for a decision and many more years for en cashing the securities. Within this political/ official pressures for write offs. Every election is full of promises for sanction of bank loan/ or write off. We as a people look up to bank defaulters as a sort of achievers and lucky guys!

Those who are genuinely in financial problems like middle class salaried parents are the ones who are harassed the most. The bank officers/ managers/ executives pay with their career loss, CBI cases and even with their lives.

Coming to the issue of willful student loan defaulters --

1) Establish an irrevocable national ID of each student before sanctioning a loan.(Like Aadhar/Passport)
2) Let there be a single national data base on student loan with this ID.
3) Make the Data base available for all the stake holders with relevant access restrictions.
4) Let the employers be responsible for deducting installment, wherever and whenever the student works like income tax.
5) Let the Passport of the student going abroad be tagged to data base.
6) Let not the passport be renewed unless there is satisfactory explanation and approval for the default.
7)Let not the OCI or NRI status be given to the student loan defaulter if he takes up Citizenship of another countries.

Similar systems are being followed by Australia and New Zealand where student loans are successfully given without any security, parent responsibility and recovered without loss to the banks. The sincere implementation encourages sincere and good students to pursue their studies without any financial worries.