Odisha govt introduces higher education loan to motivate students to carry on with their studies at higher education level.
The Odisha Chief Minister, Mr. Naveen Patnaik, launched a new scheme named, 'Kalinga Sikshya Sathi Yojana', on June 27, which aims at ensuring that meritorious students do not stop enrolling for higher education because of financial constraints.
"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," the Chief Minister said,
according to the Press Trust of India (PTI).
Mr. Patnaik further said that the state government has decided to dedicate this scheme to the former chief minister Biju Patnaik on his birth centenary.
Biju Babu had instituted Kalinga UNESCO award for popularisation of science when he was only 35 years old, the chief minister informed.
The scheme ensures, under its provisions, that the state government would provide education loan at only 1 per cent interest per annum to students undergoing higher education, including management, law, engineering, medicine and others. According to the provisions of the scheme, the state government will be setting aside Rs. 500 crore from its own resources to serve the students monetarily.