‘Study First, Pay Later’ – IIT Kharagpur Introduces New Scheme to Raise Funds
IIT Kharagpur has found a new way to tackle budgetary cuts by the central government from the coming academic session. The Ministry of Human Resource Development has earlier asked all the premier institutes to raise funds on their own.
The IIT had introduced a "Learn-Earn-Return Fund" scheme, which enables its students to get scholarships or fee waiver if they take an honour pledge of donating money to their alma mater once they get a job. The fee waiver will be based on the merit of each student and their economic background.
"We have asked the students to give a minimum of Rs 10,000 per year after they get jobs. Even if 30,000 of our alumni give the minimum amount then we will raise Rs 30 crore a year. If the alumni starts contributing then we will be able to build a new model. Even the Harvard University gets 60 percent of its budget from alumni," Partha Pratim Chakrabarti, IIT Kharagpur Director, said.
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