The Financial Aid Program (FAP) originated in July 2007 with a generous endowment of 54 lakhs from the Class of 1981. The objective was to providing educational funding to IIT Bombay students with social and economic disadvantages. Today FAP donors are spread across geographies and generations spanning batches between 1967 and 2015. It is also the only alumni-driven legacy project at IITB which is supported by a Corporate (Tata Motors Limited).
The FAP scholarship is essentially a self-revolving peer-to-peer assistance program where students receive assistance and then return the money as a donation once they graduate so that it may go to the next student who needs assistance. All students across all programs and disciplines are eligible for support.
FAP covers the entire registration fee of students including tuition fee, mess bill, etc. It also provides support for equipment like laptops, cameras (for IDC students), etc. Other value additions added in recent years include mentoring opportunities, industrial visits, etc. Most students donate back the money in timelines suited to their individual situations once they secure a job, thus keeping the endowment perpetual and growing.
Hence, FAP is a unique programme of sustainable peer to peer support. No other IIT has something of a similar nature. FAP is also a scalable model and lessons learned from here can be replicated at many other locations. Its proactive student-friendly approach has ensured that 604 students have been supported in 1726 disbursals with the total disbursal figure reaching 4.33 crores (USD 650,960). It has a force multiplier effect, positively impacting lives of so many students.
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