More than 22,000 students in Bihar receives notice for not returning study loan

The Bihar State Finance Corporation (BSFC) has taken action by issuing notices to over 22,000 former students who, despite being employed, have not fulfilled their obligation to repay study loans that they had availed during their academic pursuits.

A senior official from BSFC reported that a comprehensive list of 22,849 individuals, now working across various industries, has been identified

. The central office of the corporation has instructed local BSFC branches to address this matter promptly, resulting in the issuance of formal notices to the concerned individuals.

Notably, the highest number of defaulters, totaling 1,889, are located in the Patna district. Additionally, the districts of Araria, Samastipur, Muzaffarpur, Gaya, and Supaul collectively contribute 4,737 cases of loan repayment defaults.

These students had originally secured loans through the Bihar Student Credit Card Policy (BSCCP), a special initiative of the Bihar government facilitated by district-level BSFC approvals.

This policy allows students to borrow funds for their education with the provision of interest-free repayment upon successful employment.

In recognition of the transition period, BSFC extends a one-year grace period to employed graduates, enabling them to gradually repay the borrowed sums.

The corporation also accommodates those individuals who, despite completing their studies, are yet to secure employment by requiring them to periodically submit online affidavits every six months. To date, 4,312 such affidavits have been filed with BSFC.

BSFC's proactive stance emphasizes the importance of honoring loan commitments and ensuring the sustainability of the educational financing program.