The Indian Institute of Management, Ahmedabad has offered need-based scholarships of Rs 52 lakh (RS 5.2 million) to 56 of the 60 students who applied for it this year. Last year, the institute had offered Rs 12 lakh (Rs 1.2 million) in scholarships to 11 students.
"These scholarships were offered to 39 first-year students of the post-graduate programme and 17 second-year students," Vijay Sherichand, chairman of the financial aid committee of the institute, told Business Standard on Monday.
Apart from these 56 students of the PGP (general) course, the institute was yet to decide on scholarships for agri-business management students. Around 30 students have been admitted under the ABM programme this year.
IIM-Ahmedabad has raised its NBS funds to Rs 1 crore (Rs 10 million) from Rs 25 lakh (Rs 2.5 (million) last year.
"It is the endeavour of IIM-Ahmedabad to ensure that no student be denied an opportunity to pursue the post-graduate programme for want of adequate financial resources. The institute has, therefore, enhanced its own comprehensive need-based scholarship scheme to Rs 1 crore this year from Rs 25 lakh last year in complement with the scholarship schemes that it operates with assistance from industry and government," said a senior professor at the institute.
The new session commenced in the last week of June, and since then students have been approaching the Admission and Financial Aid Committee for need-based scholarships.
The last date for applying for the scholarship was July 15, but was later extended to July 31.
"IIM-Ahmedabad awards scholarships to needy students from economically disadvantaged families. The applications were assessed on the basis of family asset ownership, financial position of the family, including any savings that the student may have from his or her prior work, the family's gross annual income from all sources, and the number of dependents on the family income," said a member of the financial aid committee.
"Details about how to apply and what supporting documentation is to be supplied, were earlier mailed to needy students as part of their offer letters. However, all students with an annual gross family income of Rs 200,000 and below were eligible for receiving financial assistance amounting to a full tuition fee waiver," he added.
Apart from a tuition fee waiver, the institute will also consider, in appropriate cases, waiving of hostel and mess charges. The institute will also give active assistance and support to all students who need to obtain bank loans.
Besides the need-based scholarship, IIM-Ahmedabad also operates its own scholarship -- a partial fee-waiver scheme for all PGP students belonging to the Scheduled Castes and Scheduled Tribes.
In addition, the Government of India Merit-cum-Means scholarship is also available for PGP students, provided they satisfy the merit and means criteria laid down by the institute and the government.
The IIMs at Ahmedabad, Calcutta and Bangalore have made provisions from their internal resources for the need-based assistance.
While IIM-Bangalore has enhanced its need-based scholarships to Rs 75 lakh (Rs 7.5 million) and IIM-Calcutta has raised it to Rs 50 lakh (Rs 5 million), the other three institutes at Lucknow, Indore and Kozhikode will be assisted by the human resources development ministry to the extent of the additional burden they have to bear on account of the waiver of tuition fees.
The recipient of a scholarship should immediately inform the financial aid committee if he or she receives any other scholarship, grant, loan fellowship from sources other than the institute.