Congress to waive interest on student loans

Congress to waive interest on student loans
Congress President Rahul Gandhi.(File Photo: IANS)I

New Delhi: April 7:  Congress President Rahul Gandhi on Sunday announced that his party will waive off interest on education loans issued before March 31, 2019 if it comes to power after the coming Lok Sabha elections.

He also promised to introduce the single-window system for education loans.

“Till the time the student has not landed a job, the banks will not charge any interest,” Gandhi said in a Facebook post in Hindi.

The Congress, in its recently-released manifesto for the 2019 polls, promised autonomy to universities, adequate funds, reservations and student rights to gain popularity among the young voters. But, it did not mention anything regarding student loans.

The latest announcement is indicatively targeted at the middle class, which has the highest volume of student loans. It is also in sync with the claims of the manifesto that India needs more universities.

“Congress promises to establish more public universities in the country, especially in under-served areas. We promise to restore the autonomy of colleges and universities,” said the manifesto.

The manifesto also promised that it will separate organisations to ensure the regulation, grading and funding of colleges and universities. “We will provide the University Grants Commission or its successor with sufficient funds to make liberal grants to colleges and universities, based on need and merit,” it said. (IANS)