Association of
Australian Education Representatives
in India


Registered under Societies Registration Act XXI of 1860
Registration No. S-31213 of 1997
Australia Unlimited Logo

 

Dear AAERI Members,

 

Greetings for the new year & hope all well at your end.

This email is in reference to the issue of demonisation of the Indian currency which was announced on the 8th November, 2016 by the Indian Prime Minister. As discussed, during the previous AAERI executive meeting on the 6th December, 2016, due to the demonisation the bank employees were extremely busy in collecting old currencies and disbursing new currencies. All the support staff from different departments were also busy in the cash management. In addition, the Reserve bank of India was issuing a new notification practically every 3rd or the 4th day which had made the bank manager extremely cautious and conservative till 31st Dec, 2016. No new banks accounts were opened or no new Education loans were processed till 31st Dec, 2016.

The ground reality, approximately 70% to 75% of the students opting to study in Australia take Education loans and pay the first semesters tuition fees from that Education loan. Currently, the banks have slowed the processing of the Education loans and there are delays in the current Education loan applications as well. This is effecting the genuine students and we are expecting a drop in numbers by 30% to 35% for the Feb 2017 intake.

Considering the above scenario as AAERI, I approached the Department of Education & training to draft a list for the “preferred Australian Education provider” so that the Education loans can be processed faster. The department has drafted a letter which I am attaching & also AAERI has published its list of the preferred Australian Education provider for only Education loan purposes. AAERI has communicated both the lists of the Preferred Australian Education providers for only the Education loans purposes to the Indian banking association http://www.iba.org.in so that the Education loans can be processed faster. This list is based on the guidelines of the Association of Indian Universities which states:

Association of Indian Universities is the nodal agency for granting Academic equivalence to the degrees awarded by the accredited foreign Universities/ institutions for purpose of admission to higher courses.

As per the Association of Indian Universities (http://www.aiu.ac.in/evaluation/evaluation.asp) the following are the criteria for the Equivalence of Degree Awarded by Foreign Universities for studies undertaken on their campus of Origin.

Equivalence is granted to students if he/she meets the following eligibility conditions:
• The degree has been awarded by a university which is duly approved/recognized/accredited in its own country;

b. The student has pursued the programme of studies as a full time regular student on the campus of the university in the foreign country

c. The minimum eligibility qualification for admission to the programme of the study is at least the same as prescribed in India; and

d. The duration of the programme of study is at least the same as prescribed in India;

The above details are taken from page number 18 which is published at http://www.aiu.ac.in/evaluation/AIU%20Equivalence%20Information%20Brochure%2013.07.2015.pdf

May I now therefore request to kindly forward this list to the potential students applying for Education loan with the Indian banks so that their Education loan application is processed faster.

Regards,

Rahul Gandhi
President - AAERI
www.aaeri.in
www.facebook.com/aaeriofficial