Program Announcement 2013 - 14 - Institute of Business ...

72Financial AssistanceFinancial Assistance &Scholarship Schemes (Fall 2013)General1. The IBA offers financial assistance to deservingstudents in the form of Financial Assistance’s andloans. No applicant who qualifies the admissiontest and fulfils other requirements is refusedadmission because of inability to afford the costsof the programs at the Institute. IBA has a dedicatedFinancial Aid Office and Financial AssistanceCommittee who administer all students financialneed related affairs throughout the year. A FinancialAssistance committee scrutinizes applications ofstudents seeking financial aid and sanctionsassistance for those who demonstrate need. IBAFinancial Assistance strategy and procedure toaward Financial Assistance to needy students isgiven hereunder:Objective2. The Institute is committed in:• Providing quality education to all thestudents(other than evening / part timeprograms) admitted to the IBA.• Ensuring that no deserving student is deniedadmissions because of financial difficulty /constraints.Eligibility3. Financial aid shall be offered to eligible applicantswho have been assessed to be needy. This is in theform of a “Financial Aid Package” which is designedbased on the recognition that an education in theInstitute is a partnership involving the student,his/her family and the Institute. The packages include‘Merit Scholarships’ which become part ofentitlement for those students who obtain meritposition during their aptitude test and their namesare among top 10% of the applicants in the resultof the aptitude test.How to apply for Financial Assistance• Those students who need financial assistance willhave to pay the Admission fee and one time chargesbefore they apply for any financial assistance.• Students may apply for financial assistance on theprescribed form posted on the website and sendtheir applications to the ‘IBA Financial Aid Office’during the stipulated application period.Financial Aid Packages4. The Financial Aid Packages include the following:a. Installment Plan• In principle, tuition fee for each semester ispayable in full; those students’, who are not ableto pay the due fee in full, may apply to DirectorFinance for installment method of payment.• There are two main types of equal installmentplans:• Plan (A) Three installments• Plan (B) Five Instalments• The student can apply for any of the two plans.These instalments must be paid within the samesemester period.• The Director Finance shall approve theapplication after ensuring the need of the student.• Whatever plan is opted by the student, he or sheis preferred to make payment of instalments bygiving post-dated cheques for the agreed dates.b. Deferment of Fees• In case student did not pay his/her total fee withina particular semester then the Director Financeshall send a request letter to the student to paythe outstanding amount due.• The Director Finance may call the student andif circumstances suggest his/her parents mayalso be called to evaluate the financial positionof the student to reach to the amicable solutionfor the recovery of fees. The student shall alsobe directed to avail other options available in“Financial Aid Package”, which are discussedlater in this document.• If there is no other option available and thecircumstances necessitate, the Director Financemay defer the payment of fee to a certain date.• In all cases when fee is overdue for payment ofany semester, Director Finance shall alwayswrite to student and ask for payment of dues.• If student is unable to pay in full then as a firststep the Finance Department shall compel thestudent to make payment through postdatedcheques.• The post-dated cheque should be cleared withinthe same semester period, so that the student’samount is cleared before the admission to thenext semester.• If any of the postdated cheques is dishonoredand student is unable to pay against thosedishonoured cheques then Director Finance maycall the student / parents of the student forsettlement of dues before the start of the nextsemester.c. Need based Financial Assistance /Scholarships• There are numbers of scholarships availablewhich are awarded to needy students only andare based on the assessed need level.• No applicant who qualifies the admission testand fulfills other requirements shall be refusedadmission because of inability to afford the costof the program at the Institute.• The Scholarship Committee scrutinizes theapplication along with supporting documents