"Private education across the world is expensive. That's because good professors are in short supply.
One solution is technology", observed RBI Governor Raghuram Rajan, addressing students in a graduation speech at the second convocation of the Shiv Nadar University.
Rajan cautioned that platforms like MOOCs (Massively Online Open Courses) don't always deliver. The completion rate of most of the online courses are very low.
"Online courses still need to figure out not just how to get student commitment but also how to provide the learning support that a university community and environment offers . . . . I am not an expert in technology, but the problem is in making the human component work while delivering technology based learning.", Rajan said.
He called for new models in technology based education delivery, while sounding a word of caution/advice to students on education loans. According to RBI data the outstanding education loans have jumped a whopping 121% in the last five years to Rs 63,320 crore.
An alumnus and gold medalist of the Indian Institute of Technology, Delhi and the Indian Institute of Management, Ahmedabad, Rajan suggested that efforts should be made to make degrees affordable to all deserving students.
"Bottomline is that education at high quality research universities will remain expensive, till we learn to combine technology and people better. But, we have to make degrees affordable. . . 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,"he said.