<h1>Government Declines Education Loan Waiver for Unemployed Graduates; Credit Guarantee Fund Announced in 2012-13 Budget.</h1> The government currently has no plans to waive education loans for students unable to secure employment post-graduation. In the 2012-13 Budget, a Credit Guarantee Fund for Education Loans was announced to improve credit access for deserving students. Education loans follow the Indian Banks Association's Model Educational Loan Scheme, allowing up to Rs. 10 lakh for domestic studies and Rs. 20 lakh for overseas studies, with potential for higher amounts based on specific courses. The scheme was updated in September 2012 to include courses like aeronautical and pilot training for studies abroad, provided they are recognized by relevant regulatory bodies.