Students make beeline for loans from
edu trusts
If didn't get the scholarsI hip, would've
dropped a year,“ says Anubhav Khamroi, who received Rs 2 lakh under Jindal Law
School's Savitri Jindal Global Scholarship in Delhi. Khamroi, a second year BA
LLB student, got a merit-based scholarship after attaining 90% in the LSAT
entrance exam. “The scholarship has really reduced the financial burden on my
family ,“ said Khamroi.
Scholarships
have become essential for middle-class students as cost of higher education has
skyrocketed in recent years. At top institutions, the annual fees for professional
courses like engineering, medicine and law can be as high as Rs 9 lakh-Rs 10
lakh. At Chennai's SRM Medical College, for instance, the tuition fee is now Rs
21lakh a year against Rs 10 lakh per annum last year.
Unlike
loans from banks, scholarship funds do not have to be paid back and those that
do, don't charge interest. Currently, interest on student loans ranges from
10%-15%.Fortunately , there are scholarship funds and education trusts
providing need-based and merit-based scholarships for various courses to
students who have passed class12.
One
such institution is Mumbai's Nathani Charitable Trust. It awards 6,000 need
based scholarships every year to students based on applications which must
include proof of address and family income among other documents. “We try to
give scholarships to as many students as we can because we believe in the right
to education. Only 400-500 forms are rejected per year and only because of
incomplete documentation,“ says Yasmeen Shaikh, CEO of Nathani Trust. “More
than Rs 50 lakh worth scholarships have already been given out this year.“
The
trust also provides career counselling to students, who need help figuring out
which stream to apply to after class 12.
Another
such organization is Mumbai's RD Sethna Scholarship Fund. It provides education
loans to students pursuing Bachelors in medicine, law, technology and
architecture. Scholarships provided are both need and merit based. Yearly,
there are around 500 applicants, of which 250-300 are selected. After the
course is completed, the money has to be repaid but no interest is charged.
Brian
Faleiro, a student from Mumbai, received a merit-based scholarship of Rs 50,000
from the RD Sethna Fund. A final-year engineering student from Vidyalankar
Institute of Technology, Faleiro plans to use it to pursue a Masters in technology.
Mumbai's
KC Mahindra Education Trust has also simi Education Trust has also similarly
awarded more than Rs 44 crore in grants, scholarships and loans since 1953. It
also has a talent scholarship for financially disadvantaged stu dents, who want
to pursue a diploma in various fields including pharmacy, fashion designing,
architecture or engineering. From over 6,000 applications every year, about 550
scholarships are awarded. Each student
gets Rs 10,000 annually, which adds up to Rs 30,000 over three years. Most
scholarships are awarded to girls as the trust is keen to support their
education, thus reducing their vulnerability to exploitation.
One
of the recipients is Aiswarya PV, 17, who got a scholarship in 2012. The
daughter of a daily wager, she obtained 94% in SSC examination. With the help
of the scholarship, she is completing her diploma in civil engineering and
plans to study further.” My aim is to get a good job that will help me do
something for my family , society and the country ,“ she says.
Source | Times of India | 5 June 2017
Regards
Pralhad Jadhav
Senior Manager @
Knowledge Repository
Khaitan
& Co
Upcoming Event | MANLIBNET 17th
Annual International Conference on 15-16 September 2017 at Jaipuria, Noida,
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