Kinds of funding of college education with case studies

Where does a student get the funds to turn his or her dreams into reality? Funds come from a variety of sources say, personal funds of parents, loans from government/banks, loans from family and friends, funds from charitable trust, funds raised through public media and scholarships.


Loans are of types with interest based and zero percent interest and repayment also either along with studies or after the studies. In India, government has announced banks to pay educational loan without interest and repayment also after securing job or six months after the studies. This ensures the students also to be good at their studies, because the continuation of loan is also based on the performance of the studies. Some parents may not give burden to students instead they wanted to raise loans which may requires some assets be used as collateral. They may raise personal loans based on their salary from their own employer or through bank. Loans from family and friends, from charitable trust are also play a major contribution in the funding of college education.

These are all some kind of funds to all students whether meritorious or not but interested in studies. But scholarship is a specific type of funding for meritorious and there are other forms of scholarships like community based scholarships, merit and means scholarship are also available. Another kind of funding is also available is sponsorship. Mostly the close family members living abroad will be sponsoring for college education called NRI sponsorship which gives scope of NRI money to be pooled to India in this fashion also. There may be different kind of funding also available besides the above listed.

Recently, I have noticed that a family, announcing of fund raising through a daily media for their maid son's education and also the follow up that money is pooled as a response to this.

In this contest, I wanted to give two case studies of funding i) scholarship available in a college ii) interest free loan given by a society based on the marks obtained for further studies.

Case Study 1: Scholarship available in SSN Engineering College, Kalavakkam, Chennai

SSN College of Engineering and SSN School of Management and Computer Applications are located in Chennai on the Mahabalipuram Road and admit students on the basis of merit, and encourages students from all strata of society and provides strong scholarship support based on merit and need and aim to provide the quality educational facilities for meritorious students from all economic strata. The kinds of scholarships available are

1.Merit Scholarship: Based on the academic performance during the previous year and extended to all engineering, MBA and MCA courses.

i)Waiver of tuition fees: First year students who secure the highest marks in the +2 examinations have their entire tuition fees waived and senior students are offered on the basis of the previous years' performance.

ii)Walk-in-walk-out scholarships: Full scholarships are awarded to the two categories viz

a)Toppers from rural government higher secondary school
b)Top ten Rank holders of any state board or central board examination at the +2 or equivalent level.

iii)Post Graduate Scholarships: Awarded to candidates with University ranks or GATE score of 90% and above admitted to PG in Engineering.

2.Merit-cum-Means Scholarship: Every year based on the academic performance and demonstrated economic need are the criteria for this scholarship.

3.Sports Scholarship: Students with an outstanding record in sports like representation of state at National level competitions conducted by accredited sports boards are eligible for this scholarship.

4.Best Out going student of Institutions: Every year one student from engineering and one from MBA/MCA are awarded.

5.Best Outgoing student of Department: For each department one student is eligible for every year.

Thus SSN institutions offer attractive scholarships to encourage merit and make education to students of all economic strata.

Case Study 2: Interest free loan given by South Indian Educational Society, Mumbai.

It is difficult for most of us to imagine that higher education is increasingly beyond the reach of the middle class and the poor. The society owes it to itself to provide higher education to such poor and deserving students. For that they have started a trust(SEAT-SIES Educational Assistance Trust) which is inaugurated by Dr.A.P.J Abdul Kalam, on August 15, 2008. They intend to disburse interest free loans to deserving candidates (500 students every year) for various academic programmes and they should return the same after one year of completion of programme. It does not give scholarship or free donation. It is a merit based loan scholarship programme designed for the best and the brightest students to pursue the University eduction in India.

How to apply: Apply either online or hard copy may be sent which is available in their website

Who can apply: Indian nationals residing in India.Students below 25 years of age. Students planning to pursue degree or post graduate degree programmes of all faculties(except medicine)

How to help SEAT: Since it is a recent initiative, SIES will be funding 3.75 crores and remaining amount to get the corpus fund of 7.5 crores, it appeals corporates, Business houses, individuals to donate and which is exempted from tax under 80G of Income tax act 1961 and cheques/drafts may be drawn in favour of SEAT payable at Mumbai.

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