Gandhinagar, Sep 22 (SocialNews.XYZ) Gujarat has increased the annual family income ceiling for students seeking loans under its 'Foreign Study Loan Scheme' from Rs 6 lakh to Rs 10 lakh, expanding the eligibility for students from middle-income families seeking higher education abroad.
The revised income limit was introduced by the state government in August. Under the scheme, students from the unreserved category who have passed Class 12 can avail themselves of study loans of up to Rs 15 lakh to pursue higher education in foreign countries.
The Gujarat government has so far provided foreign education loans totalling Rs 2,450 crore to 16,607 students since the scheme was launched in 2018-19, according to A K Joshi, managing director of the Gujarat Unreserved Educational and Economic Development Corporation (GUEEDC), Gandhinagar.
“As of today, since the scheme was started in 2018-19, around 16,607 students have benefited from it, which is a very large number. At the same time, a total of Rs 2,450 crore has been provided by the Gujarat government in the form of loans for assistance for foreign studies,” Joshi said.
The increase in the income ceiling from Rs six lakh to Rs 10 lakh makes families with higher annual incomes eligible to apply for the scheme, while the maximum loan assistance available to eligible students remains Rs 15 lakh.
For beneficiaries, the assistance is being used to meet the cost of overseas higher education.
Pravinbhai, a beneficiary from Ahmedabad, said his son is currently pursuing a master's degree in Brisbane, Australia.
“Recently, my son is in Brisbane, Australia. He has gone there for a master's degree. He has completed one year and one year is remaining. Under this scheme, we received loan assistance of Rs 15 lakh, and we are regularly paying the instalments. We will repay the entire loan,” he said.
According to overseas education and immigration experts, students seeking assistance under the scheme need to submit the required documents, including an admission letter from a foreign educational institution, for processing of the loan.
Maulik Rawal, director of Aspire Square Private Limited in Ahmedabad, said: "Students with admissions to overseas institutions can avail themselves of the scheme by completing the required documentation and loan process."
The scheme is aimed at supporting students seeking higher education in countries such as the UK, Australia, Canada and the US.
The revision of the family income ceiling comes as the state government continues to provide financial assistance to students pursuing education outside India.
With 16,607 students having already benefited from the scheme and loans worth Rs 2,450 crore disbursed since its inception, the revised income criterion will allow a larger pool of students to apply for financial assistance for overseas studies.
Source: IANS
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