Kerala's education loans surged to 10k crore in June
'The official 'education loan' portfolio no longer reflects the true picture of how Keralites are paying for higher studies. Don't be misled by these figures,' says Amruth G Kumar, professor and dean at the Central University of Kerala. 'Families are no longer depending solely on education loans. They are financing higher studies through agriculture loans, personal loans, even gold loans, because these come with lower interest rates,' he explains. 'Only those with absolutely no other means are now forced to take education loans.'
Even the supposed relief built into such loans is being called out. 'The moratorium period is a mirage,' Amruth argues. 'Banks say repayment begins only after one-and-a-half years, but in reality, they charge for everything once it starts. By then, the debt is crushing. Parents realise too late that the moratorium is just a marketing trick.'
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