In the pursuit of uplifting socially and economically backward sections, the Government of India has come up with various plans.
To pull the marginalized sections of the society from the current predicament, the Government of India has announced:
- Education loan subsidies.
- Fee Waivers.
- Scholarship Schemes.
To avail the benefits under the Government schemes, students will have to meet the eligibility criterion.
IIT- Fee Waiver Scheme
Waiving off IIT tuition fee is not new, especially for economically backward students. Earlier, in the 2016-17 academic year, the fees were waived off for the marginalized sections of the society.
So, what’s new in the scheme?
The Government of India has introduced some changes as an effort to increase the number of beneficiaries under the scheme. Here is a list of added beneficiaries under the scheme and the eligibility criteria:
- Students under SC/ST/PH category will now become eligible for a complete fee waiver.
- The tuition fee of IIT will be completely waived off for students whose parents’ annual income is below 1 lakh.
- Two third of the tuition fee will be remitted for students whose family’s annual income falls under the 1 to 5 lakh bracket.
Availing Interest-Free Loan
Under the “Vidyalaxmi” scheme students can now avail the interest-free loan. The loan can be availed up to 100% of the total payable fees.
Other Loan Scheme: CSIS
Under the “Central Sector Interest Subsidy” scheme, students can avail a 100% waiver of the interest on a loan up to 7.5 lakhs. Students whose parents’ annual income is up to 4.5 lakhs are eligible for the subsidy scheme.
Students whose parents’ annual income is below 8 lakhs can now avail an annual scholarship of Rs. 10,000 to Rs. 20,000 per annum.
This scholarship can be availed under the CSSS (Central Sector Scheme of Scholarship for College and University Students) scheme.
Other Educational Benefits
Students under the SC/ST/OBC (non-creamy layer) category and economically backward class will also be receiving coaching for competitive examinations.
Dispersing The Benefits
The scholarship and subsidy will be released directly to the beneficiary under the DBT (Direct Benefit Transfer) Mode.