Students should be careful so that they do not fall prey to "unscrupulous schools" that may leave them with high debt and "useless degrees", Reserve Bank of India Governor Raghuram Rajan said on Saturday. He said education should be made affordable for all deserving students in high-quality research universities as their tuition fees will continue to be high in the near future. He was speaking at the convocation ceremony at the Shiv Nadar University, reported PTI.

While advocating for student loans as one of the solutions to deal with the swelling educational expenses, he said, "We have to be careful that student loans are repaid in full by those who have the means, while they are forgiven in part for those who fall on bad times, or those who take low paying public service jobs." Rajan also said that skills and capabilities have become indispensable criteria for well-paid jobs, and people "born in good circumstances have a much better chance at acquiring these".