Financial Aid Program
Financial Aid Program: Providing and Managing Resources for Deprived IIT Bombay Students
Every year, for the thousand plus students who enter IIT Bombay, there are many who cannot get any-or-enough-financial aid, including loans or scholarship money. Many are from socially and economically challenged segments of society and despite the so-called open policy of banks there are many that are found ineligible for loans. While there are other scholarships on offer, they are insufficient in number as well as scholarship quantum when compared to the actual expenditure incurred by the student (Rs 50,000/yr) and the total student population (5200 and climbing), a significant proportion of whom (5% - 10%) come from the ranks of the economically disadvantaged. What they need from us is money for tuition, food, books/PC’s and loads of encouragement.
The Financial Aid Programme (FAP) was launched at the end of July 2007 with a generous endowment of Rs. 54 lakhs from the class of 1981. Since then many others including the class of 1986 have also decided to extend their support to this project. The motto of FAP is “To make IIT Education Financially Achievable”.The FAP scholarship is essentially a loan given by past students to the present students, who repay it back with generous donations for the benefit of future students so as to keep the endowment perpetual and growing. The aid is given to fund tuition fees, mess bill, purchase of computers/ laptops, travel assistance for projects abroad and other miscellaneous needs of the students.
In the five years of its operation FAP has disbursed over 1132 loans disbursed to 436 needy students amounting to Rs 2.12 crores. Students repay their support as donations once they graduate from the institute and till date there has not been a single student who has failed to repay through donations.
Today, with FAP loan scholarships son’s and daughter’s of agricultural labourers, tailors, petty traders & shopkeepers, housemaids, rickshaw drivers, daily wage earners, women headed households are gaining an IIT education and rewriting their own destinies. Your support can ensure that no needy meritorious student is ever denied the chance of getting a successful education at IIT.