IBA Financial Assistance & Scholarship Schemes
|PKR 1.2 billion
granted to around 4,000 students between 2016 -2021
of students received financial assistance in the academic year 2020-2021
|Around 700 students received 114.4 Million as stipends from on-campus internships in the past 5 years|
The IBA invites talented and meritorious students from any social background, across Pakistan to enroll and study at the Institute. At the IBA, we believe that financial limitations should not be a hindrance in accessing quality education.
Financial Assistance Packages
The Financial Assistance Packages include the following:
a. Instalment Plan
- In principle, tuition fee for each semester will be payable at the start of each semester. The students who are unable to pay the full fee, can avail the instalment method of payment through a request to the Director Financial Assistance.
- The students can apply for paying the fee in three instalments. These instalments must be paid within the same semester period.
- Fee instalment will be allowed after need assessment (subject to approval).
Deferment of Fees
- In case a student does not pay his/her total fee within a particular semester then the Finance department shall send an intimation to the student to pay the outstanding dues.
- The Director Financial Assistance may call the student and the parents (if necessary) to evaluate the financial situation and reach an amicable solution for the fee recovery. The student may also be directed to avail other options in the ‘Financial Assistance Packages’.
- If no other options are available and the circumstances necessitate, the Director Financial Assistance may defer the fee payment to a certain date.
- If a student is unable to pay fee in full then as a first step, student would have to submit an affidavit at Rs.100 stamp paper of settlement by the defer date.
- The fee balance should be cleared within the same semester period, before the commencement of the final exam. If the student fails to clear his outstanding fee, the Finance department may stop him/her from appearing in final examination of that semester.
b. Need based Financial Assistance
- All students/applicants seeking financial assistance shall be assessed on need basis only, 1) How to apply?
Eligible Students seeking financial assistance need to apply within the stipulated application period. Online application form will be made available to the students.
2) Selection Process
The Financial Assistance (FA) Committee, comprising of senior faculty and staff members scrutinizes the applications and supporting documents of the financial assistance applicants.
The Committee then ascertains the need level of the applicants against the laid down criteria. It assesses the level of assistance that can be made available to the applicants based on the available funds.
Once the application is approved, IBA provides ‘bridge financing’ to the applicants till they are successfully parked with external donors.
It is mandatory on all financial assistance awardees to apply for externally funded scholarships proposed by IBA Financial Assistance office. Failure to do this will result in discontinuation of financing by IBA.
Only Full-time students enrolled in morning programs are eligible to apply for financial assistance. They can apply for financial assistance to cover their tuition fee for Fall, Spring and Summer semesters. They can also apply for financial assistance on course basis. However no financial assistance will be provided for repetition of courses for grade improvement or otherwise. Financial Assistance will also not be provided for courses that the student has previously withdrawn from.
4) Terms & conditions
The following terms and conditions are applicable on students applying for the financial assistance program:
- The IBA reserves the right to verify all information provided by the candidates. The FA Committee may also conduct personal visits during the verification process.
- The applicants may be required to appear for an interview if the FA committee deems necessary.
- The IBA will provide ‘bridge financing’ till the applicants are successfully connected with the external donor (Government or Private).
- The applicants are required to keep applying for the externally funded scholarship (which is arranged by the IBA) till they are successfully parked with a donor. In case the applicant fails to apply for externally funded scholarship, the FA Committee will discontinue ‘bridge financing’ for that student.
- In case of providing false information:
a) The financial assistance award will be revoked and the applicant will also be disqualified from applying for any loan / financial assistance in future.
b) The student will have to refund all financial assistance payments received to date and / or bear the penalty equal to total financial assistance amount on an immediate basis.
c. Study loans
- The IBA also facilitates its students in securing interest free loans (Qarz e Hasna) to pay their tuition fee during their study period. The students may contact Financial Assistance office to explore such avenues.
d. Work-study Appointment Scheme
- The scheme enables deserving students to supplement their finances through part-time and on-campus employment opportunities. Each semester, the HR department promulgates the positions available for students to take up part-time jobs / internships.
- The three different programs available for the IBA students seeking to gain work to meet their financial obligations include:
- Paid Internship (around the year opportunities)
- Part-time student employees
- Teaching assistants / Research assistants
Details of these work programs are available as SOPs listed under ‘Rules for Student recruitment – internship, part-time employment and teaching/ research assistants’ and are available with the Career Development Centre (CDC) and can be viewed here: https://cdc.iba.edu.pk/internships.php