Hi Radha , this is a very good essay, full of phrases and collocations.
"Higher education imparts special knowledge to students and help them to hone their skill in their field of interest."
1) helps 2) skills 3) fields of interest
"will not be able to provide free university education to the aspirants due to shortage of finance. "
1) provide free university education FOR aspirants due to THE shortage of finance.
"Although there are some colleges, run by the government provide free education, the quality of teaching is not up to their expectation."
Although there are some colleges, providing free education, the quality of teaching is not up to their expectation.
"Therefore, students prefer taking loans from the banks and study at the best universities." No need
"However,students who belong to rich countries are fortunate enough to get the best education as their native country is capable of providing them with the best opportunity to learn"
"after considering both the sides of the argument, I have come to the conclusion free assistance to college students depends a lot on the financial position of the native country."
that free assistance to
Overall, I think this is a very useful essay from which would be useful to learn many phrases and words . Thank you Radha to this essay. You errors , in my view, do not affect your meaning and still very organized essay.