Prof Sahib,
It is good that education should be self-financed so that the student may remain mentally free after the completion of education.
But, when a person faces poverty and is on the verge of leaving the education, it is better to go for Education Loan.
For example:
Many years back, a grocer came to me and said: It is very difficult to make both ends meet in these days of high cost of living.
I just asked him out of curiosity: Why do you say so?
Grocer said: I earn about Rs. 15K monthly from my business and have 3 daughters. They are studying in 10th class, 12th class and the eldest is going for B.Sc.1. It is very difficult to provide them education. Thereafter, I will not be having money for their marriage.
I told him to send his eldest daughter to me. After a week or so, the daughter came and shared her dreams. From her words, I found that she was regretting to be the eldest in the family.
Thereafter, I called the grocer and enquired: what is your proposal for your daughters? I will marry them off, sir, as quickly as I can.
My next question was : How much do you want to spend on the marriage? Rs. 1 L sir.
"Oh, good." But if you have to spend Rs. 20 K and your daughter is MBA, then what? He was surprised. His face elated.
Not sure of my words, he reiterated, "Is it possible, sit?" "Yes, it is. Send your eldest daughter to me."
Again his daughter came and I advised her to complete her B.Sc. with at least 60% marks. After 2-1/2 years. she came and told me that she has secured 68% marks. I wished her good.
Thereafter, she appeared in MAT and cleared it. She was offered admission in MBA in many colleges. She chose one in South whose total fee for 2 years Rs. 2.72 L and it was residential. Admission letter was received. A sum of Rs. 20000 was deposited with the college as advance and receipt was produced in the bank. Loan of Rs. 4.00 lacs was sanctioned. No margin, no security was required.
After 2 years, she became B.Sc., MBA and was selected by a bank in Campus Interview. Thereafter, she was married to a boy in Australia and took her other two sisters too along with her. Parents go and come back to India.
Now, my submission is, if the girl had not taken loan, could she do MBA. No, not at all and the entire family would have to live in poverty throughout life. But now they are happy.
So, it depends. But I opine that education is more important. Self-financed or completed on loan does not matter much. Loan has been repaid in 7 years. Rest of the life, the family will enjoy the fruit of the loan.
Prof P.K.Keshap
2017-07-11 19:27 GMT+05:30 Prof. Bholanath Dutta <bnath.dutta@gmail.com>:
--Loans are not a sustainable way to support Higher Education. A burden on students, graduates and the public.--EDUCATE, EMPOWER, ELEVATEProf. Bholanath DuttaFounder & PresidentMTC Global: A Global Think Tank inHigher Education, ISO 9001: 2008Partner: UN Global Compact I UN Academic ImpactCell: +91 96323 18178 / +91 9964660759
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