Vision: Students have all the needed resources for study and innovation at BIT Sindri, irrespective of their family situation and previous background.
Purpose: To provide finances and encouragement to needy students who are not able to have it on their own.
Goal: To create a sustainable pool of Mentor buddies, Sponsors and funds in next 3 years.
This program is to empower any students study at par with others in college irrespective of their family situation and previous background. Several sources are available to finance studies in today's economy like bank loans, grants from charity organization, scholarships in college and many other avenues.
Students coming from backgrounds, where no-one in family is educated, majority in family has not studied ever in high school or college, who have hardly managed to move above the poverty levels, who have gone through sudden tragedy to loose wealth and support for their studies, who are compelled to leave studies in order to support their family and many other situations; do not stand at par with the majority of students in an engineering college. They not only need support in terms of finances, but also they need to elevate themselves on a social level, to think that they are equal in society to any other student in college, who maybe from an educated and wealthy family.
This program not only focuses on the financing of fees but also to enrich the knowledge and experiences students have in their lives by providing a Mentor buddy. It is designed for the most meritorious students from the most disadvantaged background.
The trust has a transparent selection process in place for identifying students via an online application.
The information about the scheme may be disseminated through social media, trust website and college administration. In addition previous beneficiaries may be contacted to spread awareness among the students of college by word of mouth.
The Trust would prepare the first list of candidates based on criteria as below. This first list is used by the designated professor from college and the sponsor to shortlist the candidate for financing. Criteria for screening applications, not in any order:
- Application reason
- Financial status of the student and supporting guardians/parents
- Merit reflected in academic results in college and prior to college and competitive exams based on the current year of study in college
- Social inclusion and attitude
- Agreement with parents/ guardian on the application
Sponsor may felicitate such student/s if they so desire in a function organized by them by inviting the students/s to attend.
Also important to note is that those who are more collaborative, social and progressive would be encouraged to be the first ones.
Other financing options available
In First Year of study:
Students may apply to the FFE.org organization. Several BIT Sindri Alumni contribute to this initiate and encourage needy students to apply for the same in first year of study.
In any year of study:
Education is costly. All parents may not be able to afford the high cost of college education even in a government college. What is the way out? Either get a scholarship or take education loan. Getting scholarship is not easy. One has to do very well academically to secure one, though it may not be necessary that all the bright students are good in academic scores. On the other hand, getting an education loan from PSU banks or even private banks like HDFC, ICICI or Axis bank is not that difficult.
One should go through the websites of various banks to learn about the scheme, amount admissible, process involved, interest rates and the repayment period and plan. One may log in to SBI website or other bank websites or bank branches. It covers all points. https://www.sbi.co.in/portal/web/student-platform/student-loan sbi portal may be accessed for more details
In general eligibility for loans: a student undergoing degree programme from a recognized engineering college is eligible for education loan. Education loan is normally disbursed after one secures admission and has paid fees for one semester. Different banks and financing institutions may have their own requirements regulated by the Central bank under government guidelines to issue such loans. Though loans under a certain amount do not need security or co-borrower and more than that amount needs a guarantor, co-borrower and necessary paperwork.