Several prospective students and parents have complaint about facing difficulty in procuring loans to pay the IIT fees. This problem is on an all time high and thus the HRD ministry headed by the newly appointed minister, Prakash Javadekar is considering to take certain steps to help them.
“There has been some feedback that the government has received regarding difficulties prospective students are facing in securing interest free loans. However the ministry is trying to ensure that the difficulties are solved,” shared a senior official.
According to the sources, as the fees of the Indian Institutes of Technology was raised it was simultaneously stated that the students would be eligible to procure interest free loans under the Vidyalakshmi scheme. It is also being said that the ministry may even work upon building a fund to take care of the interest component and offer the ease of procuring interest free loans to the students.
IIT fee was raised from Rs. 90,000 to Rs. 2 lakh per annum a few months back just around the same time the JEE Main Exam 2016 was held. The step was taken to reduce the dependency on the government to meet the expenditure of these esteemed institutes.