Cracking the IIT entrance examination is no cakewalk. To study in one of the 23 IITs, young students are lined up in front of private centers to get themselves prepared for the entrance exam. However, what has blown the minds of many is the money that these centers are earning while helping these students get into IITs. In Telugu states, these private coaching institutes are raking in approximately Rs. 3000 crores every year. The B.Tech course that the institute provides coaching for is considered something to die for by the students and their parents.
The private institutions have arranged programmes in such a manner that they aptly fit to cater to the needs of the students. The kind of coaching that is being given is integrated by nature and corresponds with the board syllabus. Some institutions have included this even in their school curriculum from class 6. What is conspicuous is the fee that they charge ranges from 1.5 lakhs to Rs 2 lakhs and people are more than willing to pay such an astronomical amount. This fee is charged for a year for intermediate study as well as IIT coaching for two years. The struggle to crack the interest is so heightened that parents are paying the fee reaching till Rs. 3.5 lakhs as well.
The figure of students sitting for the JEE main exam is up to 1.5 lakhs from the two states. Out of this figure, the ones that come from these private institutions that offer IIT coaching is around 80 percent. These institution-runners know that the parents desperately want their children to be in any of the IITs. They take advantage of their weakness have made this into a business model. An academic expert commented, “The sad part is it has become a business with no accountability and taxation. Students are made to undergo a lot of stress – from 8 am to 6 pm for day scholars and for residential students it extends up to 10 pm – daily basis, which is not seen anywhere in the country.”
The education loans increased as the Union HRD ministry has assented to the increased fees of institutes like IITs and NITs. The annual fees of IITs were once around Rs. 90,000, have increased to Rs. 2 lakhs. In NITs, the annual fees used to be Rs 70,000 and now it has come to Rs 1.25 lakhs. The banks anticipate an increase in loan seekers this year by five to ten percent. Also for the first time, the State Bank of India is setting up on the spot loan approval counters at IIT-Hyderabad and NIT-Warangal for the benefit of students.