If you are a student or parent of a student looking at taking an education loan and suspect that your choice of subject could stand in the way of your getting a loan, don’t give up hope. The finance minister is on your side. This year’s Budget includes a proposal to expand the definition of higher education in the country to cover a broader spectrum of courses. In addition, the FM, in one of his latest speeches, also proposed to widen the definition of relative vis-à-vis claiming tax deductions on education loans.
So what is the likely impact of the FM’s decision on your educational plans? SundayET keeps you abreast of all the changes, even as it tells you all that you need to keep in mind while applying for an education loan.
Measuring the impact
Fundamentally, experts say the existing guidelines regarding higher education favour those who are engaged in graduate or post-graduate studies in engineering, medicine, management, applied sciences and pure sciences, including mathematics and statistics.
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