The Union Budget 2015-16 has made an effort to represent two major challenges for Indian Higher education system - the qualitative deficits in higher education and the need for major quantitative and qualitative expansion. In the budgetary allocation there has always been a pecking order in India, with higher education getting priority over primary education. Boosting higher learning and with the promise of providing one major central institute in each state, the government earmarked Rs. 26,855 Crores for higher education, an increase of over 13 percent over last year- 13 percent hike in allocation for higher education.

Millions of students in India who cannot pursue higher/vocational education due to lack of finance has been a major concern of the country and a major obstacle in fully harnessing the potential of young population. To cope up with this obstacle, the government has decided to set-up Student Financial Aid Authority to administer and monitor the front-end of all scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram. Allocated Rs. 68,968 crores to the education sector including other facilities related to higher education loan, government has come forward to setup modern academic institutes with offering of global courses. The Finance Ministry of government has launched welfare scheme 'Nayi Manzil' and easier loans for higher education, where students from all over the country could have access to the higher education and other global courses.

These are some of the schemes that students can be benefit from. Students who cannot afford to bear the cost of education can easily enjoy benefits of these schemes and educational loans that are made easy available. The tremendous increase in the cost of colleges from recent years, the government in 2015-16 budgets allowed income taxpayers a deduction against gross total income of up to a minimum of Rs. 1,00,000 per child for the cost paid to a higher educational institution recognized by the government.

The government has made funds easy available for private and non-profit organizations providing educations and any Educational Service Provider opening a Skills Centre in a backward area should be given an exemption from income tax for the first 3 years. This will mitigate the cost of Higher education. But on the other hand the service tax rates itself has been proposed to be increased from 12.34 percent to 14 per cent, after subsuming the Education Cess and Secondary and Higher Education Cess.

The students from different parts of the country will be benefited by these education schemes and loan facility. The government has made clear its mandate on education, which serves the youth of the nation and helps to explore the potential.