Recently the government had increased the annual fees for undergraduate courses from existing Rs 90,000 to Rs 2 lakh from the upcoming academic session. The budgetary allocation of IITs have already been slashed by the Ministry of Human Resource Development which has asked the premier institutes to raise funds on their own.
In order to raise funds, Indian Institute of Technology (IIT), Kharagpur has launched "Learn-Earn-Return Fund" scheme. The fund raised for this campaign will be partially channelized to support students and partially to build corpus to ensure self sustainability of the scheme. The scheme will commence from this academic year where the students will get a fee waiver if they pledge to donate money after establishing their career.
Partha Pratim Chakrabarti, IIT Kharagpur director said that they have asked the students to give a minimum of Rs 10,000 per year after they get jobs. If the alumni starts contributing then they will be able to build a new model. He added that higher education in India is expensive and the government has to shell out Rs 6 lakh every student per year. They have already started the campaign with the alumni who are responding positively.
Under this scheme, the scholarships or fee waiver will be offered to the students on the basis of their merit and economic background. However, the institutes will offer full fee waiver to the students with exceptional academic record. Also, newly admitted students within the top 100 ranks will get a chance to avail this facility. The funding of students may dependent on the performance of the students every semester.
Students may also be asked to teach under the Peer Assisted Learning programme or opt as research assistance at the Institute or other institutional work as intern.
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