Education Loan is taken by you and that your paretns are mere guarantors for it. Hence, their default in other loan should not affect your education loan in any manner as you yourself are liable to pay the same to the bank after competion of your studies.
Bank cannot stop the disbursal on account of default of the guarantors to service their other loans.
Bank cannot do anything unless the borrower actually defaults.However if at anytime the guarantors default on their loan and subsequently they are declared bankrupt then bank is at liberty to ask the borrower to replace him with another guarantor. In no case can bank stop paying the periodic loan installments once it has started and you are using it for bonafide purposes.
For the default of Guarantor may be your father in a different loan, the bank is not in order to stop permissible remittances from your Eduation Loan which may affect your Education. Discuss with your loal Br Manager and thereafter take up with the Bank Higher Authorities to release next instalment(s) of your Education loan else it adversely afect your career.