Cautioning students on education loans, RBI Governor Raghuram Rajan on Saturday said they should not fall prey to 'unscrupulous schools' which leave them with high debt and "useless degrees".
Stressing that education at high quality research universities will remain expensive in future, he said efforts should be made to make degrees affordable to all deserving students.
In his convocation address at the Shiv Nadar University in Noida, he said, "we also should make sure that unscrupulous schools do not prey on uninformed students, leaving them with high debt and useless degrees."
Rajan said private education across the world is expensive and is getting more expensive all the time.
He emphasised that free market is not fair saying even well-run market economies seem to be favouring those who already have plenty.
"In part, this is because skills and capabilities have become much more important in well-paid jobs, and those born in good circumstances have a much better chance at acquiring these," RBI governor said.