IBA Financial Assistance & Scholarship SchemesGeneral
1. The IBA offers financial assistance to deserving students in the form of various Financial Assistances mechanisms. IBA has a dedicated Financial Assistance Office and Financial Assistance Committee who administer all students financial need related affairs. A Financial Assistance committee scrutinizes applications of students seeking financial aid and sanctions assistance for those who demonstrate need. IBA Financial Assistance strategy and procedure to award Financial Assistance to needy students is given hereunder:
2. The Institute is committed in:
- Providing quality education to all the students (other than evening / part time programs) admitted to the IBA and
- Ensuring that all students seeking financial assistance are facilitated on the basis of their need level.
Financial assistance shall be offered to eligible applicants who have been assessed as needy.
Eligible students may be offered scholarship on the course basis (earlier it was on semester basis) and to cover Fall, Spring and Summer semesters on the following conditions;
1. Student enrolled in morning program only; not of evening programs.
2. Repetition and Improvement courses are not covered.
- Those students who need financial assistance will have to apply for it.
- Students may apply for financial assistance on the prescribed form posted on the website and send to firstname.lastname@example.org along with the supporting documents during the stipulated application period.
4. The Financial Assistance Packages include the following:
a. Instalment Plan
- In principle, tuition fee for each semester is payable in full; those students’, who are not able to pay the due fee in full, may apply to Director Finance for instalment method of payment.
- The student can apply for paying the fees in three equal instalments. These instalments must be paid within the same semester period.
- The Director Finance shall approve the application after ensuring the need of the student.
- Payment of instalments will be made by giving post-dated cheques for the agreed dates.
b. Deferment of Fees
- In case student did not pay his/her total fee within a particular semester then the Director Finance shall send a request letter to the student to pay the outstanding amount due.
- The Director Finance may call the student and if circumstances suggest his/her parents may also be called to evaluate the financial position of the student to reach to the amicable solution for the recovery of fees. The student shall also be directed to avail other options available in “Financial Assistance Package”, which are discussed later in this document.
- If there is no other option available and the circumstances necessitate, the Director Finance may defer the payment of fee to a certain date.
- In all cases when fee is overdue for payment of any semester, Director Finance shall always write to student and ask for payment of dues.
- If student is unable to pay in full then as a first step the Finance Department shall compel the student to make payment through postdated cheques.
- The post-dated cheque should be cleared within the same semester period, so that the student's amount is cleared before the admission to the next semester.
- If any of the postdated cheques is dishonoured and student is unable to pay against those dishonoured cheques then Director Finance may call the student / parents of the student for settlement of dues before the start of the next semester.
c. Need based Financial Assistance / Scholarships
- There are number of scholarships available which are awarded to needy students only and are based on the assessed need level.
- All students/applicants seeking financial assistance shall be facilitated on the basis of assessed need level.
- The Scholarship Committee scrutinizes the application along with supporting documents submitted by the students seeking financial assistance and scores their need level against laid down criteria; compares it to the need level of other applicants to assess the level of assistance that can be made available on the basis of available funds.
d. Study loans
- IBA also facilitates its students in securing loans to meet their tuition fee. These may be interest free loans (Qarz-e-Hasna) to facilitate students during the course of their study. Applications for such loans will be invited from amongst candidates who have already applied for ‘need based financial assistance’ but could not meet the criteria for the same.
e. Work-study Appointment Scheme
- The scheme enables needy students to supplement their finances through part time work on-campus and helps students minimize their debts servicing burden upon graduation. The HR Dept promulgates each semester along the positions available for students to take up on-campus part time jobs / internships. The remuneration of such jobs is calculated on hourly basis.
- IBA strongly believes that such on-campus jobs and internships are an important tool in recruiting, developing talent in meeting the needs of today while preparing the workforce for the future.
- The three different programs available for IBA students seeking to gain work experience on campus include:
- Paid Student Interns (Summer interns as well as for other times during the year)
- Part-time student employees
- Teaching assistants / Research assistants
- Details of these work programs are available in the SOP’s listed under “Rules for Student recruitment – internship, part-time employment and teaching/ research assistants” available with the Career Development Centre.
Students at IBA, like any other top University of the world, have a well-known accreditation and acceptability in the corporate market. Some of the companies are financing students study programs by providing required financial assistance to the students; as part of their vision to invest in the future human resource capital. A bond is signed between student (one who seeks financial assistance) and company (financer), according to which student will have to serve the company as an employee; as soon as he/she completes his degree program from IBA. Company sees it as an investment in the future human resource capital. Details of such opportunities are available with the IBA Career Development Centre.Financial Assistance Committee
6. The Financial Assistance Committee is composed of the following individuals:
- Director EMBA Chairman Financial Assistance Committee
- Three full time faculty members Members of the Committee
- Representative of Alumni Resource & Mobilization Member of the Committee
- Director Finance Member of the Committee
- Manager Financial Assistance Program Secretary to the Committee
7. The Terms of Reference of the Financial Assistance Committee are as under:
- Assess eligibility and need level of students for Financial Assistance.
- Review and evaluate the Financial Assistance applications with comprehensive statistical analysis of the concerned student’s academic background and family details.
- Match financial condition and requirements of the student in the light of the accomplishment of his / her academic goals.
- Annually review the financial status of Financial Assistance recipients viz-a-viz the available funds.
- Provide an environment that allows students to concentrate on their studies without any financial concern and enable them to maintain a better CGPA.
- Provide guidance to the financial assistance office.
8. Requests for Financial Assistance are annually invited in the months of June, July & August. Desirous candidates initially apply to the Financial Assistance Office who, after initial scrutiny; invites the concerned students to submit their applications on the prescribed form. These forms are reviewed by the members of the Financial Assistance Committee, which meets fortnightly during the months of June, July & August. Upon receipt of the Financial Assistance application forms, the Financial Assistance Committee proceeds as under:
- Scrutiny of the forms along with their supporting documents.
- Preparation of comparison charts for respective applicants to identify relationship between the total annual income of applicants’ family, total expenditures and nature of such expenditures and give due consideration to disposable income of the family.
- Allocation of points to individual candidates on the basis of the eligibility criteria determined after taking into account the following factors:
- Expenses on education of other siblings.
- Evaluation of applicant assets and financial resources.
- Living status of the father i.e. alive or deceased.
- Parental support
- Accommodation (ownership, location, size, type)
- Financial standing other than income
- Academic standing and potential of the student