One of the few aspects of the Indian development project that is supposed to have seen some recent success is education. As India continues to witness a surge in the number of students pursuing higher education, the importance of understanding and managing finances becomes paramount. The transition from college to a professional career is a crucial phase, often accompanied by financial challenges. This article explores the significance of student loans and financial literacy for Indian students.
The Rising Cost of Education
In recent years, the cost of higher education in India has seen a notable increase. According to the All India Survey on Higher Education (AISHE) data for the academic year 2020 21, the enrollment in higher education institutions crossed the 3.85 crore mark. With this surge in enrollment, there is a parallel increase in education and other related expenses. According to EduFund, education costs in India have climbed by around 10-12% between 201220. Not only the tuition fee, but transportation fees and examination fees are also hiked periodically which affects the overall budget.
The Role of Student Loans
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