Facing budget constraints, IIT Kharagpur has come up with new way to raise funds by launching the “Learn-Earn-Return-fund” scheme. According to this scheme, the students will get a waiver in fee provided that promise to donate after they get the job.
The scheme has been launched in this academic session and is aimed to help in developing an attitude among the students of giving to their alma mater. The money will be given to the students without any pressure and will instead make them more responsible towards their college.
The Director of IIT Kharagpur, Partha Pratim Chakrabarti said, “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 per cent of its budget from alumni. Higher education is very expensive in India and sometimes it also becomes tiresome for the government to spend money on a student. On an average, the government spends around Rs. 6 lakh on a student. Also, for the upcoming academic session, the fees has been increased by the government. There has been an increase from Rs. 90,000 to Rs. 2 lakh.”
IITs are no more getting any money from the government, instead, they have been asked by the government to raise funds on their own which has made them to come up with such schemes. With this scheme, the students will be given scholarships based on their academic record, fee waiver will be given only to the students who have done very well in their academics. The new students who have taken admission from this academic year will also get a chance to avail this facility provided they are in top 100 and also other factors like their performance during the semester will also be considered.