In today’s world, education plays a pivotal role in shaping one’s future, but the financial burden that comes with it can be overwhelming. Recognizing the importance of education and the challenges many students face, the Institute of Business Administration (IBA) offers a comprehensive Need-Based Financial Assistance program. This initiative aims to provide financial relief to deserving students, ensuring that they have the opportunity to pursue their academic dreams without the burden of financial constraints.
Understanding IBA Financial Aid
The IBA Financial Aid (FA) Program encompasses a wide range of need-based financial assistance options, primarily in the form of scholarships. These scholarships are made possible through the generous contributions of both public and private sector donors, as well as Zakat funds.
Bridge Financing: A Helping Hand
One remarkable aspect of IBA’s financial assistance program is the provision of ‘bridge financing.’ When a student submits a need-based scholarship application, IBA steps in to offer bridge financing until the applicant successfully connects with scholarship donors or accesses Zakat funds. The level of bridge financing is determined based on the student’s financial need, which is assessed through the information provided in the financial aid application form.
The bridge financing typically covers a percentage of the applicable tuition fee, ranging from 25% to 100%, and this decision is made by the IBA Financial Assistance Committee (FAC).
Who’s Eligible for Need-Based Financial Assistance?
To ensure that the financial assistance reaches those who need it most, certain eligibility criteria have been established:
- Undergraduate Students: Full-time students enrolled in morning programs who are facing financial constraints can apply for need-based scholarships.
- Semester Coverage: Applicants can seek financial assistance to cover tuition fees for Fall and Spring semesters.
- Undergraduate Program: Financial assistance is available up to the 8th semester.
- Graduate Program: Financial assistance is provided for the duration of the program, with the exception of the Executive MBA (EMBA).
- Academic Consistency: Graduate students are expected to maintain a full course load and not freeze any semesters during their studies.
- Course Exclusions: Need-based scholarships do not cover course repetitions for grade improvement or previously withdrawn courses.
The Application Process
To access this financial lifeline, students must adhere to a few crucial steps:
- Application Submission: All applications must be submitted within the specified dates.
- Complete Online Form: Applicants are required to fill out and submit the complete application form online.
- Document Submission: Scanned copies of required documents must accompany the application form. Incomplete applications will not be processed.
- Bridge Financing for New Admissions: Bridge financing is available at the time of admission for new students. Ongoing students must apply at the start of each academic year for a reassessment of bridge financing.
- Timely Submission: Only applications submitted within the stipulated period will be considered for bridge financing or scholarships.
- Document Checklist: A checklist of required supporting documents is provided in the application form.
- Consultation: Applicants are encouraged to consult their parents or guardians before submitting the application form and supporting documents.
The Assessment Journey
Once the applications and supporting documents are received, the Financial Assistance (FA) Committee, consisting of senior faculty and staff members, thoroughly reviews them. In some cases, applicants may be required to participate in an interview if deemed necessary by the committee. It’s important to note that IBA reserves the right to verify all the information provided by candidates, which may include personal visits during the verification process.
The committee evaluates the applicants’ need level based on established criteria, and scholarship awards are granted based on the availability of funds. Once approved, IBA provides bridge financing until students secure external scholarships.
Commitment to External Scholarships
In line with their commitment to facilitating education, all financial assistance awardees are required to apply for externally funded scholarships proposed by IBA’s Financial Assistance office. Failure to do so may result in the discontinuation of bridge financing by IBA, and students may need to fulfill the assessment process of a donor.
Your Path to Educational Freedom
At IBA, the pursuit of higher education is not just a dream; it’s a commitment to shaping brighter futures. With a robust Need-Based Financial Assistance program, IBA ensures that financial constraints do not hinder your educational journey. Don’t miss this opportunity to access the support you need.