IIT Kharagpur's new way to raise funds is based on the scheme "Learn-Earn-Return Fund" comes into light after facing cuts in budget from central government. Under this scheme students who pledge to donate their money after they have got jobs will receive a fee waiver.
The scheme is launched this new academic session and will help many students to learn effectively and shape their future the way they want and return it back to the institutions.
Students have been asked to pay minimum of Rs 10,000 per year after they have secured their jobs. Only if 30,000 alumni will get agree to this the institution will raise 30 crore per year. "The model is inspired from Harvard University which receives its 60 percent funding from the alumni", said IIT-Kgp Director Partha Pratim Chakrabati.
He further added that the education in the India is expensive and on top of that the government has to add 6 lakh per student every year. Due to recent cuts in IITs Budget allocation the institution were forced to raise their fees from 90 thousand to 2 lakh from the upcoming academic session.
Under the new scheme the students will be asked to take the Honor Pledge in the "Learn-Earn-Return-Fund" after they have established their career.
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