PANAJI: The interest-free educational loan scheme of the State Government, surprisingly, has students in large numbers who have opted to take up higher education in India, rather than in foreign countries.
During 2014-15, the Goa Education Development Corporation (GEDC) received 653 applications, of which 557 were sanctioned amounting to Rs 5,76,37,315. Of the 557 papers processed, 539 students obtained loans for higher education which amounted to Rs 5,52,17,645.
And of the above 539 applicants, nearly 527 students opted for higher studies in India while only 12 chose to go abroad for specialised education.
The total amount disbursed for studies in India was Rs 4,70,17,645 while that for abroad was Rs 82,99,000.
Speaking to 'The Goan', GEDC Chairman Shripad Patnekar said, “Under the IFEL scheme, students who apply opt for higher studies in India. One of the reasons could be that the fees for courses in India are comparatively lower than that offered abroad. When it comes to loans, the maximum upper limit for disbursement is Rs 16 lakh for two years for studies abroad while that in India is Rs 2 lakh per year for four years.”
Interestingly, most of these students take up courses in engineering, followed by medical and others.
“Presently, Goa has five engineering colleges. So for upward mobility, this might be the reason why they take up higher studies in the field of engineering,” said Patnekar.
Additionally, the online system for processing applications for IFEL scheme has made it convenient and easier for students to apply for loans.
“We introduced the online system so that transparency is maintained. Students can apply online and the original documents can be scanned and attached. They don’t have to be present personally,” he said, adding that the same procedure is followed for renewal in the second year also and that, the second instalment is released through electronic transfer.
Patnekar, however, said that for the current year, they have received nearly 900 fresh applications and nearly 1000 more more for renewal.
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2014-15: LOANG LIVE INDIA!
653
Applications received
557
Sanctioned
Rs 5,76,37,315
Amount disbursed
527
Students opt for India
12
Choose to go abroad
Rs 4,70,17,645
Disbursed for India study
Rs 82,99,000
For studies abroad
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DETAILS OF FOREIGN CASES UNDER IFEL
Masters in Information Management Syracuse University, New York
Master of Science University of Delaware, Newark
Master of Science University of Southern California,LosAngeles
M Sc Astrophysics Queen Mary University of London, London
Master of Science in Electrical Engineering Clemson University, South Carolina, USA
MBA University of Oxford Park End Street, UK
M Sc (ENG) Control Systems University of Sheffield, UK
Operations Research and Industrial Engineering University of Texas at Austin, Texas
M S in Civil Engineering Iowa State University, Ames
M Sc Stem Cell Technology University of Nottingham
M Sc in Geodesy and Geo Information Sciences Technical University of Berlin, Germany
M Sc Petroleum Engineering and Geosciences Delft University of Technology, Netherlands
