Though the article mentions that growth is fuelled by overseas loans, these loans do impact career choices. I never wanted to join corp but judiciary or UPSC. However, I knew that I had to repay debt and the only way was to join corp because judiciary and UPSC can't be relied upon.
I always wanted to join judiciary / UPSC but owing to the 10L edu loan that was outstanding, I was forced to continue with corporate law firm. It's been almost 3 years now and the outstanding loan is only 3.5 lakhs and I've enough savings in FD and stocks to repay the entire loan in one shot but I just want to avail 80E benefits for interest payments. The sad part is I will be turning 27 in Feb next year and now appearing for judiciary seems a tough nut ( UPSC is more of an impossibility) given I'm used to money and my investments. I fool myself by thinking I'll take long leaves for 3 weeks in the next two years and prep for judiciary during these breaks and will take a sabbatical once I make SA (which I will easily as everyone in my team loves me and already executing SA level work and leading a few transactions) to prep for my dream. So yeah, it does get difficult with an education loan on your head and drastically impacts your career choices and ultimately your life. As far as possible try applying for scholarships like Aditya Birla if you are at the top 5 NLUs ( I was shortlisted for this but never got it) or NLU financial assistance schemes. Do your research, for eg if you are from MP, your entire fee is taken care off. So use these but don't take an education loan :( ROI sadly doesn't add up
Education loans registered a record y-o-y growth of 20.6% for April - October 2023, compared to the same period in 2022. (Source: RBI)
https://www.thehindubusinessline.com/money-and-banking/education-loans-see-record-206-surge-in-april-oct/article67673949.ece
Do state NLUs with their high fees and private universities (BITS Law, JGLS) with their exorbitant fees fuel this?
Do education loans impact career choices given that there's a sword hanging over students' heads?
Those who take education loans, are they also more likely to take other loans later in life - housing, car, personal etc.? Like a loan fetish.