1. How did FAP originate?
The Financial Aid Programme (FAP) originated in July 2007 with a generous endowment of INR 54 lakhs (US$ 0.135 Million) from the IIT Bombay Class of 1981. Since then, it has been supported by other batches of IIT Bombay alumni spanning from 1967 to 2020.
2. What is the objective of FAP?
FAP aims to provide cost-free educational funding to IIT Bombay students with social and economic disadvantages subject to their meeting minimum criteria of academic performance in IIT Bombay. Beneficiaries eventually become donors for successive batches.
3. What is unique about FAP?
FAP is a peer-to-peer program where the beneficiaries donate the funds they receive after graduation and fund future students, with the ultimate goal of making the program self-sustaining. It serves as ‘financiers of last resort’ because it addresses the gap areas in the scholarship universe to ensure that really needy students do not fall through the cracks. Scholarships at the Institute level do not always cater to entire financial requirement of a student. FAP covers these requirements to bridge the gap so that no student goes without education at IITB. FAP also provides ‘Bridge Assistance’ to students who are due to receiving scholarships but are delayed at the time of deadline.
4. Is FAP recognised by the IIT Bombay?
On 24th November, 2017 the Board of Governors at IIT Bombay approved FAP as an institute approved scholarship programme for the economically and socially challenged students of IIT Bombay. A representative from the Institute is appointed as a part of the FAP committee and panel.
5. What are the funding sources for FAP?
FAP has few main funding sources: donations from student beneficiaries, alumni donations received from various batches during their reunions through IITB or through IITBAA, individual alumni donations (alumnus Ron Mehta donated USD 2,00,000 to program through FFE) and donations received from corporates (Prakash Cotton Mills, New Silk Route, TATA Motors) as CSR. Under an MoU signed for 2014-18, TATA Motors donated INR 2 crores to FAP under its CSR.