ISB education has become a burden â€“ Increase in the fees for management education in ISB
Increased prices have spread to management education also. ISB also follows IIM which provides management education in India. It has hiked the fee for one year PG program in management studies.
- Tuition fee increases by Rs. 80, 000.
- Successive second year of fee hike
- Total expenditure becomes Rs. 20.2 lakhs
- School is blaming recession for the hike
ISB which has increased the tuition fee and admission fee 2009 also increased it in 2010. Owing to the increasing salaries to the teaching staff and other expenses, management studies institutions are increasing the fee of the courses and they are supporting themselves in regard of fee hike in order to provide quality and maintain standard of education.Â ISB dean says that the fee is not hiked but altered according to the recession.
ISB has increased the fee by Rs. 80, 000 for the students admitted in 2010-11 academic year. Earlier it was Rs. 14.5 lakhs and now new fee is Rs. 15.3 lakhs.
Rs. two lakhs has to be paid as admission fee along with tuition fee. There is no change made in this aspect.
ISB aspiring candidates should necessarily stay at their premises only. Accommodation, books, laptop, food and other expenses are increased from Rs. 2.66 lakhs to Rs. 2.9 lakhs.
Total expenses for PG of management studies in ISB increases from Rs. 19.16 lakhs to Rs. 20.2 lakhs.
In 2009, tuition fee and admission fee are increased by Rs. 1.5 lakh. Earlier it was Rs. 15 lakhs for both of them and it was increased to Rs. 16.5 lakhs in 2009 i.e. by 10%.
70% of the students depend on loans
Nearly 70% of the students studying in ISB get loans for the courses. Banks and other institutions provide loan up to 95% of the expenses of tuition fee, accommodation, food and other expenses. They are charging nearly 8% interest rates. Banks which provide loans to ISB students include HDFC bank, SBI, Union Bank of India, United Bank of India and Credila Financial Services.
ISB provides 100 scholarships for financially backward and meritorious students. Each student gets scholarship between Rs. one lakh to Rs. 3.5 lakhs. ISB gets into agreements with the companies and making sure that the students get scholarships. HSBC, Novartis group, Citi banks and other companies are helping the students. Recently pass out students of degree will not be admitted into ISB. Only those who have work experience will be allowed to study at ISB. ISB provides facility to pay the fee in two installments. In 2010-11 also, same number of students as like last year i.e. nearly 560 students, have got admitted into ISB.
To meet the expenses according to the sixth pay revision commission, all the IIMs except one or two have increased the fees for students of 2010-12 academic years. Benguluru IIM is the first one to hike the fees. Other IIMs also have taken up this path. Totally 7 IIMs are present in India â€“ Ahmedabad, Lucknow, Indoor, Kolkata, Shillong, Benguluru and Kozhikode.