PM-Vidyalaxmi approved: Scheme to provide financial support to students

The PM-Vidyalakshmi scheme, approved by the Union Cabinet, aims to offer financial assistance to deserving students to help them access quality higher education without being held back by financial limitations. Union Minister Ashwini Vaishnaw shared that this initiative would support meritorious students in furthering their academic careers, ensuring they are not hindered by monetary constraints. This scheme is a part of the government's efforts to enhance educational opportunities and empower students, particularly those from economically disadvantaged backgrounds.

The PM-Vidyalakshmi scheme is set to significantly ease access to higher education by offering collateral-free, guarantor-free loans for students who secure admission in India's top 860 Quality Higher Education Institutions (QHEIs), as per the National Institutional Ranking Framework (NIRF). With an approved outlay of ₹3,600 crore, the scheme will help cover tuition fees and related expenses, allowing students from all financial backgrounds to pursue quality education without financial barriers. The initiative is expected to benefit over 22 lakh students each year, empowering them to achieve academic and career goals at premier institutions like IITs and other top-ranking colleges.

The Cabinet has approved the PM-Vidyalaxmi scheme to provide financial support to meritorious students so that financial constraints do not prevent any youth of India from pursuing quality higher education," Vaishnaw said at a press conference here.

The scheme will be applicable to the top QHEIs as determined by the NIRF rankings - including all HEIs, government and private, that are ranked within the top 100 in NIRF in overall, category-specific and domain-specific rankings, state government HEIs ranked in 101-200 in the NIRF and all central government-run institutions.

"This list will be updated every year using the latest NIRF ranking, and to begin with 860 qualifying QHEIs, covering more than 22 lakh students to be able to potentially avail benefits of PM-Vidyalaxmi, if they so desire," an official statement said.