PANJIM: Even as the number of college students opting for the Interest Free Education Loan (IFEL) dropped last year with the launch of the Bursary Scheme, the Goa government has disbursed over Rs 78 crore in the last one decade.
The schemes – IFEL and Bursary – were introduced in 2005 and 2014 respectively to ensure students don’t give up studies for want of money.
Till the academic year 2014-15, the government disbursed an estimated Rs 78.24 crore and recovered about Rs 23.19 crore. GEDC Chairman Kanta Patnekar told Herald that recovery of the principal amount of the loan is 98 per cent, which is a positive sign.
The government received 869 applications for the academic year 2013-14 which dropped to 447 the following year. The Bursary Scheme which gives a beneficiary liberty not to repay the loan has scored over the older scheme. The income limit to avail the scheme is Rs 3 lakh and the maximum grant is Rs 40,000 where the total course or programme fees do not exceed Rs 60,000 per annum. The first batch will avail the scheme in July when the sanctioning committee decides on eligible candidates as per the availability of funds.
Comparatively, the IFEL has income limit of Rs 7 lakh and repayment of the principal amount begins one year after the completion of a course. “During this period, the beneficiaries are able to repay the loan in installments. The benefit is that there is no interest levied by the government. The scheme is open from August to October annually and extends till December for courses that begin later in the year,” Patnekar stated adding the scheme operates online.
A scrutiny committee comprising the GEDC Chairman, GEDC MD, Director of Technical Education, Director of Higher Education and finance secretary/representative/member is involved in the selection process. The final clearance comes from the government after which the required fee amount is released through ECS system.
