Indian Institute of Management (IIM) - Kozhikode has decided to reduce its fee by Rs 30, 000 per annum for the academic session of 2012-13, thus reducing the fee to Rs 9.7 lakh per annum.
According to the director of IIM- K, Debashis Chatterjee, “We have observed that during the last two years the student loan rates have increased between 2%-4% per annum putting additional burden on students. As a socially conscientious institute, IIM-K believes that its students be protected from steep increase in fee as most of our students avail student loans for their studies. Ten percent of our students come from families that have an annual income of Rs 1 lakh or less. IIM-K has decisively shifted its orientation from exclusive elitism to inclusive excellence.”
Besides reducing the fee, inspite of the fact that IIM-K will have a revenue loss of about Rs 1.2 crore annually, Chatterjee is proposing to introduce a group of scholarships to support high achievers and contributors to the national cause. A decision has been taken that full fee-wavier would be given to 1% students who will prove excellence at national and international level in Sports, extracurricular activities, etc. Full fee waiver would also be given to children of martyrs belonging to military, para-military or police personnel, who died in action. Half fee waiver would be given to the children of defense or allied-services who were injured during action. Lastly, partial fee-waiver would be given to the students who are suffering from some disability.