Out of the total number of students, 42,364 students have availed of education loans for studying medicine (Representative image)
Constant growth has also been witnessed in the number of students using education loans over the last 10 years
The Ministry of Finance (MoF) informed Lok Sabha on Monday, February 13, that a total of 4,61,017 students have utilised education loans for studying abroad in the last 10 years. Out of the total number of students, 42,364 students have availed of education loans for studying medicine, as reported by the Indian Express. Constant growth has also been witnessed in the number of students using education loans over the last 10 years, according to the data shared by the ministry in the parliament, stated the publication.
A total of 22,200 students received education loan disbursement in 2012-13 and the numbers continued to rise until 2020, as per The Indian Express report. During the pandemic, 56,930 students benefitted from the education loans which was less when compared to the students in 2019, when 69,183 students had availed of education loans to study abroad. In 2021, there was a gradual rise that took place, as 69,898 students had availed of education loans.
Reports further state that despite the pandemic and the after-effects of Russia and Ukraine’s war on medical students, the loans handed out for studying medicine abroad have risen steadily. A data from the Ministry of Finance reveals that student loans worth Rs 39,268.82 crore were disbursed in the last 10 years. Furthermore, out of the total, Rs 1,790.16 crore worth of loans were disbursed for students studying medicine abroad.
Loans disbursed for medicine degree abroad:
2018-19: 237.13 crore
2019-20: 298.97 crore
2020-21: 243.64 crore
2021-22: 289.82 crore
As per the data shared, the amount of loans disbursed has been increasing with time and the maximum amount was in the year 2021-22. Media reports state that the loans for study abroad medical education have also risen from Rs 51.86 crore in 2012-13 to Rs 289,82 crore in 2021-22. It is an increase of 459 percent over a decade, according to Career360.
Students availed loans for studying abroad:
2012-13: 22,200
2013-14: 29,373
2014-15: 38,047
2015-16: 45,197
2016-17: 50,029
2017-18: 56,896
2018-19: 60,628
2019-20: 69,183
2020-21: 56,930
2021-22: 69,898
In 2015, the government smoothened the process of applying for education loans by introducing the Vidya Lakshmi portal for students. This website collects all information on student loans and supports students as a single-window system for application and tracking of loans.
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