Educational institutes are postponing the payment of the fee for students who suffer severe income losses due to the coronavirus lockdown. Options offered by colleges, universities, and business schools to such students include payment of fees in monthly installments, quarterly fees, and deferral of payments.
The entire academic calendar has been disrupted due to the pandemic and it would be several weeks before things return to normal, according to Livemint. However, institutes are still required to pay their employees, but want to do so without overburdening students who have been severely affected.
“We have told the students that they do not need to pay the fee until they join us on campus. This means a deferral of the initial quarterly fee of around Rs 3 lakh. In addition, we have reduced the one-time enrollment fee by 50,000. ? 33% savings for students, “Dheeraj Sharma, director of the Indian Institute of Management (IIM) in Rohtak, told the newspaper.
The Mudra Ahmedabad Communication Institute (MICA) used to charge an annual fee of around Rs 9 lakh in advance. According to the institute, they have decided to divide the annual fees into four installments. Similarly, Harivansh Chaturvedi, deputy chairman of the Education Promotion Society of India, has said that the technical education regulator has advised institutions not to insist on upfront fees.
The group of experts on economic policy The National Council for Applied Economic Research has carried out a survey to measure the economic effect of the closure. Eighty-four percent of those surveyed said the shutdown has affected their wages. According to the survey, casual workers and business families reported the most losses during the shutdown.
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