Closing of loans crash dreams of some students

Closing of loans has, directly or indirectly, affected people in commercial sector like the building owners, construction owners, vehicles and land dealers, etc. And now among those affected are the youth and their future.

Due to the government’s decision and consequentially the financial institutions’ move to put restrictions on loans, some students are now left at a crossroads, whether to continue their study plans or to stall it for a few years and continue later, or to settle for a job that they can find with the incomplete educational background.

There is no education loan cushion to fall on like the earlier times. Families are now facing tough times with the unavailability of such loans. It’s put a huge dent on monthly expenditures and financing of school-going children.

Chencho, an engineering student said the education loan is very important for students like him whose parents cannot afford the college fees.

Chencho’s parents are farmers and they are not able to pay his fees of Nu 180,000 per annum.

He said with the help of education loan he would be able to take up his choice of study course.

Now that education loan has closed, many students like him have to either sacrifice their dreams or they have to wait for another year.

Sonam Tshering who has completed class XII said he planned to take up a course in architecture, but now has to opt for BBM or He said his parents run a small business, and he has to consider the financial burden especially since he has younger siblings who are in schools.

Many other students, parents, and consultancy firms shared similar views.

Due to closing of loans, there are comparatively less numbers of students registered with the education consultancy firms.

Many have their hopes pinned on the new year, the coming of which may also signal the lifting of restrictions on loans.

Yeshi Jamtsho is one such student who hopes that 2014 will bring in a better fate for students like him.

“By that time RMA may open-up loans, if they don’t I am going to repeat my twelfth in one of the private schools and then aim for a scholarship,” said Yeshi.

Talking to some of the education consultancy firm owners, the NUKAREER education consultancy owner said last year there were around 61 students registered with them, and this year there are only 30-35 of them. He also added that the number of students opting to take up courses like engineering, architecture, MBBS have dropped to just 2-3 students compared to 15 last year due to the high fee cost.

“There are more students who opt to take up courses with low fee structure,” he said.

Ugyen Phuntsho, owner of Ugyen Pee consultancy said that the closing of education loan has affected his business as well.

He said in 2012 there were around 45 students who went through his consultancy including 20 students opting to take architecture, civil engineer and pharmacy. But this year, only 10 students have registered till now. Not a single student has opted to pursue engineering and architecture course so far.

He added that though the fees for courses like civil engineering and architecture are reasonable, most students are selecting courses with the least fee structure.

However, there are some competitive students who say less numbers of students graduating will mean fewer competition ahead and better scope in getting employed for them in the future.

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