♦ The Union Cabinet has approved the PM Vidyalaxmi scheme on 6 November 2024. This program designed to give financial aid to deserving students so that no one is prevented from pursuing higher education by financial limitations. 

♦ As per the scheme, anybody who gets admission to Quality Higher Education Institutions (QHEIs) will be eligible to get collateral-free, guarantor-free loans from banks and financial institutions to cover the full amount of tuition fees and other expenses related to the course.

♦ An outlay of Rs.3,600 crore has been approved for the scheme under which education loans will be facilitated to students securing admissions in the top 860 QHEIs of the country based on the National Institutional Ranking Framework (NIRF). This will cover more than 22 lakh students every year.