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Expensive Higher Education

Discussion in 'Snippets of Life (Non-Fiction)' started by Kamalji, Jul 23, 2016.

  1. Kamalji

    Kamalji IL Hall of Fame

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    Expensive Higher Education


    Today the papers reported that banks are in the red where education loans are concerned. Students are defaulting on loans, taken for their education, without collateral from parents. Like the upper limit for no collateral is 7 lakhs, where if the student defaults, the parents are not held responsible.


    Banks say that students, most of them, leave town for the job, or go abroad on jobs, and even after getting a good salary don’t bother to pay up. And where parents have availed of the loan for their child, with their house as collateral for example, the students expect the parents to pay for their education, even if that means the banks will sell that house, and put the parents on the streets.


    I know a few parents who are in government jobs, and who have taken loan against their retirement funds. What will happen if the son does not get a job or if he gets , and he does not give anything to his parents, they will be on hard times. Siblings of rich parents, want to go abroad to study, where the cost of education plus lodging and boarding can be upwards of 50 lakhs per annum. The pressure is there on the parents.


    To avoid defaults by students, and to avoid parents financing the kids and keeping their house as guarantee, I suggest

    1) The Banks give loans decent size to students, seeing their performance in the recent exams.

    2) The parents should not be involved by the Banks.

    3) The Banks should make it binding on the educational institutes to give the original results to the Bank instead of the student, who will be given a attested copy by the Bank

    4) The Employers would be forced to talk with the banks whereby the salary is credited in that lending Bank , where the student has an account, and from where a certain percentage of loan is deducted everymonth by the bank and the rest credited to the student.


    This way there will be zero defaults, and parents will be free from this headache. But the onus will be on the student, for all his life, he will have the sword of the loan over his head, and he will have to pay it with interest from his salary. And he will not get any other loan, or credit card, until the lending bank has says our loan is paid up.


    I think in that way, the Western culture is good where if a student wants to study further, he must work in petrol pumps or fast food joints or whatever, to pay for his own education.And for what he has paid he will value it well.


    What say friends


    KAMAL MAHTANI


    I texted my wife "Darling do you love me more than my Money?"



    She texted back "¥ € $"



    THIS IS TOO GOOD.



    Guru Dutt is reborn and makes a film, called Software ke Phool.

    Sahir Ludhianvi saheb revises his old song for the new venture.


    It goes like this:


    Yeh Document, Yeh Meetings, Yeh Features ki Duniya,

    Yeh Insaan ke Dushman Cursors ki duniya,

    Yeh Deadlines ke bhooke Management ki Duniya;

    Yeh Product agar ban bhi jaaye to kya hai?


    Yahaan ek Khilona hai Programmer ki hasti,

    Yeh basti hai Murda Bug-fixers ki basti,

    Yahan par toh raises hai, inflation se bhi sasti,

    Yeh Review agar ho bhi jaaye toh kya hai?


    Har ek Keyboard ghayal, Har ek login Pyaasi,

    Excel mein uljhan, Winword mein udaasi;

    Yeh office hai ya aalame Microsoft,

    Yeh Release agar ho bhi jaaye to kya hai?


    Jalaa do isse, Phoonk daalo yeh Nonitor,

    Mere saamne se hataa daalo yeh Modem,

    Tumhaara hai tumhi sambhalo yeh Computer,

    yeh Product agar chal bhi jaaye toh kya hai?

    Yeh Product agar Chal bhi jaaye toh kya hai!!!



    Note : Try actually humming these lyrics in the original tune sung by Mohd. Rafi, it fits so well.

    What a composition. Have a Happy Day.. keep singing



    Husb - Aaj khana kyun nahi banaya ?


    Wife - Gir gayi thi aur lag gayi.


    Husb - Kidhar giri Aur kidhar lagi ?


    Wife - Takiye pe giri thi aur aankh lag gayi...



    WIVES ALWAYS ROCK...
     
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  2. jskls

    jskls IL Hall of Fame

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    Good article on raising cost of student loans. I am sure more strict policies will be put in place soon. And good suggestions too

    parents are ready to pay $60K USD per year in college fees for 4 years not for just 1 but 2 kids.
     
    sindmani and Kamalji like this.
  3. shyamala1234

    shyamala1234 Platinum IL'ite

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    Dear Kamalji,
    I completely agree with you. The onus of paying the loan should be on the student and not parent. I know quite some in USA the students pay back the loan and not parent. There it is 10% of the salary when he gets job
    is paid for the loan. The loan repayment starts after 18 months of completing the studies.
    The parents should not be ripped of their house, retirement funds and savings.
    Syamala
     
    sindmani likes this.
  4. Balajee

    Balajee IL Hall of Fame

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    Kamalji, not only that. The fees of all educational institutions must have such a ceiling that they become affordable for ordinary middle class students. Yes parents must not face the rap for the children's loan default. Also when they make passports for going abroad, they must specify whether they have any debts to banks and attach a debt clearance certificate.

    BTW if they make Software ke fool (not phool_) you will get the filmfare award for the best lyricist.But when I tried to sing the song while having a bath, my wife and daughter shouted angrily in protest and tried to break down the bathroom door when I didn't stop.
     
  5. Srama

    Srama Finest Post Winner

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    Kamalji,

    I know a person who had said this exact same thing
    but ended with a "why go abroad even" and was feeling the pain of all the parents whose kids had left them to study abroad!

    And I also know many parents who can easily afford to send their kids to US for higher education which makes my jaw drop and thankfully do not know any parents you speak of! That said, to help banks get their money back, help parents and keep the students accountable I think the third point you make
    It is a moral responsibility of banks, students, parents and educational institutions, together to fight this!
     
  6. Agatha83

    Agatha83 IL Hall of Fame

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    Dear Kamalji,

    If Gurudutt only had a computer with a high speed internet connection, social networking websites and Kamalji as a friend, I am sure he wouldn't have fallen for Waheeda Rehman and then commit suicide.
    I heard that most of the banks are outsourcing private agencies to collect dues from the loan defaulters, resulting in bouncers knocking at the doors of helpless students.

    Agatha83
     
    Kamalji likes this.
  7. satchitananda

    satchitananda IL Hall of Fame

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    Excellent suggestions Kamalji. Wonder why the 'system' has not thought of this as yet.
     
  8. sslkgpaa

    sslkgpaa Gold IL'ite

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    Our generation was lucky to get education sponsored completely by parents. Now it's our duty that we do the same to our next generation if we have the means.
     
  9. Akanksha1982

    Akanksha1982 IL Hall of Fame

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    Kamalji, yes. the cost of education is rising higher than our savings rate. The responsibility of the loan should be on the students and not the parents. The loan payment should be deducted from the salary itself. This is how it is done in UK. In US, it is the credit system that takes care of it unless the parents sign in a collateral.

    The Software Ke Phool - Awesome. loved it.

    Aap yuhi humare hoto pe muskurahat laate Rahe
    Aur hum aapki lumbi umar ki duwa maangte Rahe
     
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  10. Kamalji

    Kamalji IL Hall of Fame

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    Dear JSKL,

    Yes even rich parents many of whom cannot afford the demand of their kids to study abroad. They dont have that kind of cash.
    Even if a couple earn a lakh a month or say a lakh and a half, how much can u save, for these kind of educations?

    i think even after parents manage to send them abroad, taking loans etc, the kids are not going to return a penny to their parents. So why not a law is made, whereby what parents spend on their kids highter education, is a loan to be legally repaid by the children later on, to the parents.

    What say?
    Regards
    kamal
     
    sindmani likes this.

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