US Exim Bank to offer education loans

CHENNAI: Now, Indian students seeking loans to pursue higher studies in the United States have something to cheer about as the Export Import Bank of the country (US Exim Bank), has come forward to offer education loans.Speaking to reporters during a dinner meeting organised by the Confederation of Indian Industry here on Wednesday, Fred P Hochberg, the bank’s chairman and president, said the bank would extend loans to students planning to study in the US. With overseas students coming to the United States,  jobs would be created there in the education sector and is thus, a sort of services export, he said. Hochberg, who is one of the highest ranking business leaders in the Obama administration, also said the bank has $2 billion worth of funding proposals in the pipeline in India and has exposure worth $ 7 billion in the country, which is next only to Mexico.This is Hochberg’s first trip to Chennai and he is on a three-day visit to India starting Wednesday. TT Ashok, chairman of the CII Southern Region, said India is the 12th largest goods trading partner of the US with bilateral trade totaling $38.7 billion.