Centre plans finance corporation to help students pursue higher education

This finance corporation would give loans to students and those interested to open institutions for higher education at a nominal interest rate. At present,Sibal said,the rate of interest was being fixed and anyone interested in higher education could approach this corporation.

“There are many students who because of financial constraints are not able to go for higher education. This corporation would help them,which would lessen the burden on parents of such students,” Sibal said.

After a student is given loan by the corporation,repayment would start only after he or she starts earning.

“We shall ask the companies employing students to pay an installment every month from the salary of the student who has taken the loan. The installments will continue till the entire loan amount plus the interest is repaid,” Sibal said. “There would be a similar tie up with educational institutions.”

The plan will be presented before the Cabinet for approval and then before the Parliament in this academic session,Sibal added.

The Centre also plans to start vocational courses for Class XI and XII students. Sibal talked about starting vocational courses like mining,automobile engineering and animation for Class XI and XII students.

“Not every student is brilliant in academics and thus,vocational courses are the need of the hour. Ideally,faculty members should sit with companies and design courses. If students are trained in what the companies want,unemployment will be out of question,” Sibal said.

He said emphasis would be on courses related to heritage,culture,music,dance,automobiles,etc. “There should be courses,which allow a student to become a tourist guide,may be a musician or a tabla player. We shall ensure that such courses are started at the school level,” he added.

The minister said grading system for Class XII was being worked out. He said a committee has been formed for the purpose and their findings would be considered and implemented.