Secure your future through funding

With higher education enrolment multiplying, the money required to fund this degree is also on the rise.

Fee structure, hostel fees, equipment, course material costs are increasing too. And if you’re looking for help, here’s how you can find the right funding.

Financial assistance is offered by the Government of Karnataka, UGC and some reputed private and public agencies. The State Government provides scholarships for low-income group (full scholarship), meritorious students (Rs 5,000), BC scholarship (Rs 4,000), primary school teacher’s children (Rs 4,500), handicap scholarship (Rs 3,000) etc, annually.

UGC extends help for Other Backward Castes students (Rs 6,000). This amount is paid annually. Apart from this, some private agencies also extend financial assistance. For example: Zindal provides Rs 2,000 for UG and Rs 8,000 for PG students annually. This may seem like a small amount in comparison to the total tuition fee but it plays an important role in meeting the financial constraints of students.

College fees will be as per government rate if it is aided. Though colleges may charge more for unaided courses like Bachelors of Computer Application, Biotechnology, Electronics,Microbiology, etc.
Education loans are also provided by nationalised and a few private banks. Loans are given towards fees, accommodation, study material, equipment, clothing, conveyance etc.  Some banks even offer a full loan. The current rate of interest for an education loan is 13.5 per cent. Getting the loan, and other formalities have been made simpler by the RBI.

Loans up to Rs 4 lakh need security by the parents, and for those between 4 to 7.5 lakh, a third party security is required. For loans above 7.5 lakh, property proof is required.

Recovery of the loan starts one year after completion of the course or six months after getting employment, which ever is earlier. Some of the colleges identify sponsors for financial assistance if the amount required is around Rs 10,000.

For meritorious students, tuition fees can be lowered if they are selected by the University or a government college. Government-run colleges do not charge tuition fees for female students.

Financial assistance by University Grants Commission towards colleges have been very helpful in the past. The scholarship goes towards infrastructural development — construction of classrooms, laboratories, upgradation of laboratories, hostels, seminar halls, sports complex, for repairs to buildings etc. They also strengthen the college library by providing financial assistance to purchase books, computers, software, etc. The labs are supported by funds for chemicals, glassware, lab equipments.

There is also a provision to fund major and minor research projects, for career-oriented programmes (certificate courses). Typically, these UGC-sponsored funds will cover the cost of equipment for ICT-based teaching like smart boards, LCD screens, computers, etc. The college can host seminars, symposium, workshops from this form of financial assistance.

The State Government also extends financial assistance in the form of salary grants of teachers, non-teaching staff and menial staff.