Goa Government approves extensive modifications in its flagship scheme

Updated on: Thursday, June 28, 2012

The Goa Government approved extensive modifications in its flagship scheme, under which interest-free loans are provided for higher education, making it more student-friendly.

The changes were approved at a State Cabinet meeting presided over by Chief Minister Manohar Parrikar.

Talking to reporters after the meeting, he said modifications were necessary to rejuvenate the Government- sponsored scheme. "The scheme was not getting desired response due to some existing shortcomings."

The scheme, in force for over a decade, has benefited 3,338 students, who took loans to the tune of Rs 38.54 crore, of which Rs 17.99 crore had been paid back.

Under the scheme, students are given interest-free loans for higher education and they have to pay back the money once they start earning.

Parrikar said Department of Higher Education will be streamlining the plan wherein the loan amount would be disbursed within a month.

The scheme, which was to end on October 31, has been extended till December 31.

The Cabinet also raised the annual income limit of the borrower (family) from existing Rs five lakh to Rs seven lakh. In case another sibling wants to pursue higher education, the income limit would be Rs eight lakh.

For students wanting to pursue their education abroad, the income limit has been fixed at Rs 12 lakh to Rs 14 lakh.

The scheme will also cover the reimbursement of `entitled fee' as against the earlier clause of paying only 'fee'.

Goa Government approves extensive modifications in its flagship scheme

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