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Odisha Govt Offers Higher Education Loans at 1% Interest Rate

Odisha Govt Offers Higher Education Loans at 1% Interest Rate

The state government has set aside 500 crores from its own resources to fund the scheme which has been named the 'Kalinga Sikshya Sathi Yojana'

Many children dream of becoming doctors and engineers, of pursuing their education and getting good jobs that will help them secure the future of their family. But for most, this remains a distant dream.

The steep rise in the cost of higher education has made the decision of pursuing a degree prohibitive, particularly for underprivileged children. With their families struggling to make ends meet, investing in quality education is often out of the question.

This lack of a quality education makes them a victim of the vicious cycle of poverty, as it translates into limited job opportunities, poor pay, poor quality of life and inability to fund the education of their own children.

The Odisha Government’s latest scheme however, is sure to bring hope and joy to a lot of underprivileged children.

The state government recently announced its decision to offer underprivileged students education loans to pursue their higher education.

Image for representation only. Source: Pixabay

“I fully understand the financial stress the parents, especially of the poor and middle class, undergo in meeting the education cost of their children. This historic and pioneering step of my government will reduce the loan burden of thousands of parents and financially empower poor students to pursue their aspiration in higher education,” Chief Minister Naveen Patnaik told The Indian Express.

Dedicating the scheme after former Chief Minister of Odisha, Biju Patnaik,Naveen Patnaik has named the scheme the ‘Kalinga Sikshya Sathi Yojana.’

Under the new scheme, education loans will be offered to students at just 1% interest rate per annum.

“This will be a major help for students pursuing higher education including Management, Law, Engineering, Medicine etc,” the Chief Minister said.

The state government has even earmarked 500 crores from its own resources, for the new scheme.

The scheme was introduced on the birth centenary of Biju Patnaik, who instituted the ‘Kalinga UNESCO’ award for the popularisation of science.

Featured image for representation only. Source: Pixabay

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