The IIT Delhi administration has sought the implementation of a major student friendly measure wherein graduates would have to begin repaying their student loans only after they find a job, Indian Express has reported.
This recommendation has been sent to the HRD Ministry which is currently examining it. This suggestion is part of a larger push for autonomy by the institute and its peers.
The proposal seeks the implementation of something similar to the Higher Education Financing Agency (HEFA) which will fully or partially fund the tuition fee and then recover the amount after the student finds a job.
The proposal elucidated that many IIT graduates don’t choose high paying jobs and instead choose to focus on research, entrepreneurship and public service. The current fee for a general category student in an IIT is around Rs 2 lakh per year.
The actual cost of teaching a student though stands at Rs 6 lakh per year and the institute bears the difference amount.
In many cases - especially in premium IIMs students are forced to choose a corporate career at the expense of entrepreneurship or other avenues to pay off their student loans as the two year fee stands at around Rs 24 lakh.