Parents Struggling with Admission Costs: How BookMyColleges is Helping

Parents Struggling with Admission Costs: How BookMyColleges is Helping

Introduction

Higher education costs have been steadily rising, making it challenging for parents to afford college admissions. The financial burden, coupled with economic changes like demonetization, has left many families struggling to secure seats for their children. As a result, digital payment solutions have become increasingly important in the education sector.

Gaurav Jain’s Entrepreneurial Journey

Gaurav Jain, the founder of BookMyColleges.com, started his journey with a mission to help students navigate the complex admission process. As a 29-year-old entrepreneur, he turned his struggles into an opportunity by launching an online counseling platform. However, like any startup, his venture faced hurdles, particularly in financial stability.

“I have seen many ups and downs. There were times when we didn’t have a penny to spend. Starting a business requires funding, which I lacked, but perseverance and hard work eventually paid off,” Gaurav recalls.

Impact of Demonetization on College Admissions

When India underwent demonetization, many businesses suffered due to the sudden shortage of cash. BookMyColleges.com was no exception, as the education sector was heavily reliant on cash transactions. Parents, who preferred paying fees in cash, found it difficult to secure admissions due to liquidity issues.

This situation created a roadblock for students and their families, delaying admissions and leading to financial uncertainty. Many colleges also faced difficulties in receiving payments, further complicating the enrollment process.

Challenges in the Education Sector

The Indian education system has traditionally depended on cash transactions for admissions and counseling services. Parents often find cash payments more convenient, especially in semi-urban and rural areas. However, with demonetization reducing cash circulation, families had to explore alternative payment methods.

This shift exposed the need for digital payment solutions, highlighting the lack of infrastructure and awareness in the education sector. The transition was not easy, as many parents were unfamiliar with online transactions.

The Shift Towards Digital Payments

To overcome these challenges, BookMyColleges actively promoted digital payment methods, encouraging parents to use online banking, UPI, and digital wallets for transactions. While the transition was gradual, it helped streamline the admission process and reduced dependency on cash.

Although digital payments were not an immediate solution, they provided a more secure and transparent way of handling transactions. Gaurav remained optimistic, stating, “I am not against demonetization, but it has undoubtedly affected my business. However, I believe it will encourage people to adopt digital payments, making processes easier and faster in the long run.”

Long-Term Benefits of a Cashless Economy

Despite initial difficulties, demonetization paved the way for a cashless economy. By reducing black money circulation and promoting digital transactions, it created new opportunities for businesses and individuals.

The education sector, in particular, has started embracing digital payments, making admissions more accessible and efficient. As awareness grows, more parents are adopting online payment methods, ensuring smoother transactions for college enrollments.

Conclusion

The journey of BookMyColleges.com is a testament to resilience and adaptability in the face of economic challenges. While demonetization posed short-term difficulties, it also accelerated the shift toward digital payments.

As the education sector continues to evolve, digital adoption will play a crucial role in simplifying the admission process. Gaurav Jain’s story highlights how perseverance and innovation can turn challenges into opportunities, ensuring a brighter future for students and their families.