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How Are Income-Share Models Solving The Problem Of Education Loans For Aspiring Innovators?

SUMMARY

The need to have a solution apart from education loans has increased with the decrease of the affordability of higher education

Income share agreement has come up as an effective alternative to those who can’t afford tuition fees and education loans

To provide this solution to its deserving candidates, MIT ID is providing ISA for its Innovation Programme

Higher education has been a contentious topic in the Indian context for many years thanks to issues such as student reservations, high fees and, particularly these days, the lack of the right job to pay off education loans. Even though education is a necessary expense for young Indians, it has become highly unaffordable for many.“Quality education should not suffer due to the decades of debt aligned with student outcomes. With the Income Share Agreement, we aim to not only give access to quality and affordable education to them but also foster their success,” Harshit Desai, programme head, innovation programme, MITID, told Inc42.

Adding to that is the fact that institutes keep increasing their fees (for tuition, hostel and more) leading to more students opting for education loans. Case in point, the recent distress in students from AIIMS, IIMC and JNU as the institutions increased their course, hostel and mess fees.

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