The Covid-19 pandemic has forced the D Devaraj Urs Backward Classes Development Corporation (DUBCDC) to withdraw the education loan scheme extended to students who join professional courses under KCET.
Following the shortage of funds, the corporation has announced the cancellation of the 'Arivu' loan scheme for students for the 2020-21 academic year. The corporation has issued an official order on the same and also communicated the same to the executive director of Karnataka Examinations Authority (KEA).
Since 2015, students belonging to backward communities used to get educational loans at an interest rate of 2%. The corporation used to pay the fee amount in advance to KEA and students who select seats under KCET quota for various professional courses would get the benefit of the same.
A copy of the communication to KEA by the managing director of DUBCDC, which is available with DH, reads, "For the 2020-21 academic year, there is a shortage of funds in the corporation to implement the Arivu student loan scheme. Considering this, the corporation has decided to cancel the implementation of the scheme for the current academic year."
Several candidates who are aspiring to get admission to various undergraduate professional courses under KCET are disappointed with this decision.
"If I don't get the loan, I might have to discontinue my education," said one of the seat aspirants.
"I wanted to pursue engineering, but my parents are not ready to invest in my education as the family is in a financial crisis due to the pandemic. Education loan was the only option for me, now I don't think I can fulfil my dream," said Rakshith C N, a student.