Learn Earn Return Fund Scheme
IIT Kharagpur has launched a new scheme named Learn-Earn-Return Fund Scheme. The will help the students by providing them a fee waiver. The students would be obliged to return the fee waiver after they are established. This scheme will eventually help the IIT Kharagpur as they have recently faced budgetary cuts. This scheme will help IIT Kharagpuras it will raise funds for them.
Key Features of Learn-Earn-Return Fund Scheme
- This scheme will help the students to complete their higher studies without any kind of burden and it will eventually help the students to form their career in a proper way.
- The students would be obliged to return a minimum of Rs. 10, 000 every year after they get jobs.
- Under this scheme, scholarships will be offered in a graded manner. The economic condition and the previous results of a student would be taken under consideration before granting the scholarships.
- Honor pledge must be taken by a student under the scheme.
Plan of IIT Kharagpur
IIT Kharagpur plans to raise funds through the scheme. IIT Kharagpur thinks that if at least 30, 000 students avails the facilities of this scheme and returns fund as pledged, IIT Kharagpur would be able to earn Rs. 30 crore every year. IIT Kharagpur is also planning to build a new model of this scheme if the current scheme gains success.
Reason behind introducing Learn-Earn-Return Fund Scheme
Currently the higher education procedure in India is very expensive. The government also increased the annual fees for the undergraduate courses recently by 122 percent. The budgetary allocation of IITs have also been cut by the Central Government and thus IIT Kharagpur launched this scheme to help the Indian students. IIT Kharagpur will offer every student financial aid as per their economic background and their previous results.
Prioritizing Talented Students
The amount of fee waiver will vary for different types of students. The academic records of the students would be taken into count before providing them fee waiver. Learn-Earn-Return Fund scheme will give priority to the students who are talented. According to the results of the students, the fee waiver will vary every semester. The newly admitted students would also be able to enjoy this scheme if they are ranked within the top 100. Full free studentship will be provided to the meritorious ones.
Summary of Learn-Earn-Return Fund Scheme
|Scheme Name||Learn-Earn-Return Fund Scheme|
|Launched By||IIT Kharagpur|
|Managed By||IIT Kharagpur|
|Purpose||To aid the students by giving them scholarships|
|Beneficiaries||Meritorious and Economically Weaker Students|
|Time of Returning Loan||After the students get a job|
|Amount of repayment of loan||Minimum Rs. 10, 000 every year|
The authorities would be able to ask the students to teach under Peer Assisted Learning Program or the students would be asked to opt as research assistant. The fund earned from this scheme will be spent to support more students and to build a corpus to help the scheme itself.