Educational institutes are deferring payment of fee of students suffering severe losses of income due to the coronavirus lockdown. Options given by colleges, universities and business schools to such students include fee payment in monthly instalments, quarterly fee and deferment of payments.
The entire academic calendar has been disrupted because of the pandemic and it would take several weeks before things are back to normal, according to Livemint. However, institutes are still required to pay their employees but they want to do so without burdening their students who have been severely affected.
"We have told the students that they need not pay the fee until they join us in the campus. This means a deferment of the upfront quarterly fee of around Rs 3 lakh. Besides, we have reduced the one-time registration fee by ?50,000, a 33% saving for students," said Dheeraj Sharma, director of the Indian Institute of Management (IIM) in Rohtak, to the daily.
The Mudra Insititute of Communication Ahmedabad (MICA) used to charge a yearly fee of around Rs 9 lakh upfront. According to the institute, they have decided to break the yearly fees into four instalments. Similarly, Harivansh Chaturvedi, alternate president of the Education Promotion Society of India has said that the technical education regulator has advised institutions not to insist on fees upfront.
Economic policy think tank National Council of Applied Economic Research has conducted a survey to gauge the economic effect of the lockdown. Eighty-four per cent of people surveyed said that the lockdown has affected their salaries. According to the survey, casual workers and business families shave reported most losses during the lockdown.