Restructure education loans for Indian students returning from Ukraine: CPI

Amid the prevailing conflict between Ukraine and Russia, the CPI(M) is seeking education loans for the Indian students returning from Ukraine be restructured or waived entirely.

Reports said the thousands of students who are being forced to return from the war-hit east European country have a huge financial burden of education loans.

"Many of the near 20K Indian students in Ukraine had taken education loans & are now saddled with interest/repayment burden. In last 7 years Modi govt has written off whopping ?10.72L Cr of loans taken by his cronies. Modi must generously restructure or waive these education loans," CPI(M) general secretary Sitaram Yechury said in a tweet.

Education loans of up to Rs 4 lakh do not need collateral, but loans of up to Rs 7.5 lakh can be obtained with third-party guarantee. Education loans of above Rs 7.5 lakh require tangible collateral and in all cases, co-obligation of parents is necessary.

A six-year MBBS course costs approximately Rs 20 lakh in Ukraine.