IIT fees double, but interest-free student loans readily available

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IIT fees double, but interest-free student loans readily available

Speed News Desk

From this academic year, students at the Indian Institutes of Technology will have to pay annual fees of Rs 2 lakh, up from Rs 90,000, according to a government press release.

The hike in fees was based on a report from a committee of experts as well as recommendations from the standing committee of the IIT Council, the tech schools' highest decision-making body, as one way for the IITs to reduce their dependence on the government, and take charge of their running costs. As of now, the government spends about Rs 6 lakh per student per year.

The National Institutes of Technology too may raise their annual fees from Rs 70,000 to Rs 1.25 lakh.

However, the authorities have made it easy for students to receive loans and get scholarships, says The Telegraph.

The physically challenged will now get the same full fee waiver as students from the Scheduled Castes and Scheduled Tribes do. Students whose families earn less than Rs 1 lakh a year will also get a full fee waiver. And students whose families earn between Rs 1 and 5 lakh a year will get a two-thirds fee waiver.

All students can apply for and receive interest-free loans equal to the portion of the tuition fee they pay under the government's Vidya Lakshmi Scheme.

The higher fees, together with interest-free loans from a proposed Higher Education Funding Agency will allow the IITs to develop their infrastructure.

Speed News Desk