IIM Kozhikode slashes fee to protect students from inflation
IIMs are known for a raise in the tuition fees, but this time it is otherwise. IIMK has decided to slash tuition fee by Rs.
30,000 for its flagship post-graduate programme in management. The institute took the decision as a ‘social conscience’ against inflation.
According to Prof Debashish Chatterjee, Director, IIM K, the decision has been taken to protect students from the inflationary pressures in the economy. He said, “We have observed that during the last two years the student loan rates have increased between 2 to 4% per annum putting additional burden on the students. As a socially conscientious institute, IIMK believes that its students be protected from steep increase in fee as most of our students avail student loans for their studies. Ten percent of our students come from families that have an annual income of Rs. 1 lakh or less. Hence, I have convinced my Board that we will implement a marginal reduction of Rs 30,000 (i.e. 3% of the fee) from the year 2012-13 onwards as a small proactive step to support higher education system in the country.”
Prof Chatterjee also agreed that the reduction in the fee will result in a loss of revenue to the tune of Rs 1.2 Crore to IIMK. “We will also be increasing our PGP intake to 400 students from the Academic Year 2012-13, in spite of serious constraints in our infrastructure and acute water scarcity. This will offset the reduction in our income,” he added.
Apart from this, IIM K has also introduced special scholarship scheme for high achievers in academics, extra-curricular, sports and social activities. One percent of the students having earned national or international recognitions shall be entitled to full fee waiver.
Apart from this, full-fee waiver schemes will be offered to children of martyrs belonging to military, paramilitary or police force who had sacrificed their lives during action while protecting the pride and honor of the nation. Half-fee waiver will be granted to children of defence or allied services who were injured during action and lost their earning capacity, while the fee will be partially waived for all students who get admitted under the ‘persons with disability' category.
The b-school is also planning to start an orientation program for SC/ST underprivileged students with its pioneering Center for Research and Social Transformation (CREST).
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