As demand for higher education expands throughout India's massive middle class, so is the need for increased financing. Student loan values are growing at rates of 20–30% per year in recent years and the Indian Banks' Association reports a 120% increase in loan applications over the five years from 2004–2015 to 2009–2010. Indian banks typically lend up to the equivalent of US$20,300 for studies within India, and roughly double that for overseas study. For more, please see in .