IIMs in Favour of Increasing Financial Aid Assistance Besides Hiking Tuition Fee
One of the officials of an IIM revealed that IIMs have increased the tuition fees to adjust inflation and Seventh Pay Commission implementation.
The aspirants who think that the tuition fees at Indian Institutes of Management are high need to think twice as most of the IIMs have increased the financial aid options for students in various forms besides increasing tuition fees. The cost of extending the financial waivers has been increased in most of the IIMs and these institutes are incurring more than the revenue they earn from fees.
For instance, Indian Institute of Management, Ahmedabad has been spending Rs. 7 to 8 crores for providing fee waiver to the students particularly from financially weaker sections. Currently, IIM Ahmedabad is supporting 34 percent of the batch.
Similarly, Indian institute of Management, Bangalore has been incurring Rs. 6 to 7 crores for providing financial aid and benefits to the students. Currently, the institute is supporting 15 percent of students from PGP batch and 10 students from the executive programmes.
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The institute is providing financial aid to the students whose family income is less than Rs. 4,50,000 per annum. These students can apply for the Financial Aid Policy of IIM Bangalore. Indian Institute of Management, Bangalore also considers the students who face severe financial difficulties due to sudden and unforeseen circumstances.
The Financial Aid Committee follows a two-step policy in deciding the quantum of aid for every individual student and number of awardees. Some students are provided 100% financial assistance while some students are provided 60, 40 and 20 percent fee waiver based on the assessed financial need.
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Besides financial aid, the PGP students at IIM Bangalore are also entitled to get merit-based scholarships from a number of corporate, alumni, state and central governments.
Indian Institute of Management, Kozhikode also spent Rs. 1.68 crore to support 54 students in two years, i.e., 2015-17. The institute spent Rs. 1.81 crore to provide financial assistance to the first year students of 2016-18 batch.
Similarly, Indian Institute of Management, Lucknow also spent around Rs. 75 lakh to provide financial assistance to 43 students who belong to 2015-16 batch.
One of the officials of an IIM revealed that IIMs have increased the tuition fees to adjust inflation and Seventh Pay Commission implementation. However, IIMs have never neglected providing financial aid to students and it will continue to help students further.