Growing Debt Burden - Impact of Education Loans on Indian Students.!
Many of our students are going to America intending to chase dollars to get a better education, better job and life. The burden of debt is increasing the anxiety of such students. It is known that loans taken for education have a severe impact on the mental health of students. It has been found that the psychological condition of students who took loans is worse than students who do not have loans.
It is known that 53% of the indian students who went abroad after taking loans are suffering from depression. It has also been revealed that one out of every 15 people is thinking of committing suicide because of these loans. Public sector banks have lent Rs 7,576.02 crore under education loans to indian students for education abroad in the financial year 2022-23. It is noteworthy that it has increased by 68% compared to the previous year. More than 50 % of these loans were taken by students who went to America.
Students who are going to America with loans due to family financial problems are facing difficulties after that. These loans put a lot of pressure not only on the students but also on their parents. Many students feel isolated and depressed due to debt. Experts say that to get rid of such anxiety, one should take credit counseling advice from the bank and use other resources. It is said that necessary policies should be made to reduce the mental burden on students.