KSBL Financial Assistance Process: An Introduction
Acquisition of knowledge, skills and values is something that demands proper educational methods that teach and train the individuals to refine them and to turn them into a gem. Karachi School of Business and Leadership is one of the names that thrive to facilitate students with Business studies.
KSBL is an independent graduate business school that flourishes on student’s accomplishments and achievements. It was established in 2009 through collaboration between the Karachi Education Initiative and the Cambridge Judge Business School. It offers several professional courses for master’s degree programs in business and accounting.
Financial Assistance Program at KSBL
Education is premium for most of the students. KSBL understands that higher education can be worrisome for those who are not very fortunate with finances. Those students, who have less privileged background, often become the victims of inclination and partiality while they deserve just as many opportunities as others are availing.
Keeping in view the financial struggles that students have to go through, KSBL has successfully incorporated strategies to form well-thought educational plans and opportunities for those students who want to pursue their studies in MBA.
Modules of Financial Assistance Program
Regardless of students’ financial status, KSBL is offering assistance through various programs to deserving students, purely based on merit.
1- Merit Scholarships
This scholarship is purely merit-based and is offered to the students with outstanding academic performances. It offers an equal opportunity for everyone.
Factors that are taken into account in order to assess and evaluate a student’s profile for the scholarship are:
- KMAT score of the student
- Undergraduate CGPA
- Long-term goals and commitments of the applicant
- Professional and academic experiences
2- KSBL Loans
KSBL provides interest-free loans to the students that have zero interest on the given amount, to ensure their education with the institution. Here are the essential limbs of the program:
- The amount loaned by the schools is strictly for educational purposes and should only be spent on educational expenses.
- Students do not have to worry about paying the amount back during the course of study.
- Students can pay back the total lump sum in installments six months after their graduation. This gives them enough time to save up to return the loan amount.
How Does it Work?
- KSBL loans are granted on the approval from the Financial Assistance Committee.
- Students are informed via email about the allocation of grants.
- They then receive an approved draft to be signed by them
- Students then submit the signed document back to the FA office.
Upon graduation and before, students are reminded of their legal obligation of paying back the loaned amount via email and SMS. If they fail to do so, the FA committee may devise a new plan for the convenience of the graduate students to give them time to pay back.
3- Qarz-e-Hasna by Ihsan Trust
Ihsan Trust is a non-profit organization that provides financial assistance to the students for their higher education. Here is what the corporate offers for students at KSBL:
- The trust grants interest-free loans to students of KSBL known as Qarz-e-Hasna.
- The loan granted is purely based on need-cum merit and is provided to only those students who cannot afford higher education.
- The organization bears a mutually decided portion of the total expense based on student’s needs.
- The loan amount is expected to be restored after the graduation.
How Does it Work?
- After the allocation of grants, applicants are informed regarding the procedures to follow in order to avail of the assistance.
- FA office sends out an email to the applicant about the documents that are required by Ihsan Trust from the student.
- All documents are assessed by the FA office itself before they are forwarded to Ihsan Trust.
- Students then can have an interview with Ihsan Trust for their further case assessment.
- If through, students are to sign a legal agreement with the trust.
- FA office then signs the agreement and forwards it to Ihsan Trust.
4- Fee Waivers
This program is for the needy and deserving students who cannot bear educational expenses nor can they afford to borrow loans. A specific amount of the fee or the full fee is waived off based on the applicant’s profile. Here is how it works:
- The applicant seeking financial assistance submits the required document along with the application.
- The FA committee evaluates the needs of deserving students and the evaluation is based on students’ home expenses, family members, and their incomes.
- Students’ goals, agenda, and motives also contribute towards the evaluation.
- Student’s academic roles and work accomplishments are also taken into consideration for better assessment.
5- Work-Study Program
A well-thought program to let students earn their way to get an education with dignity. This program is for those students who unfortunately do not fulfill the criteria of the other Financial Assistance programs. As the title goes, this program allows students to
- Work as an assistant with the campus so they can continue their study in KSBL.
- Twenty working hours per week are fixed and students can work full time in seasonal breaks.
- The program gives students a sense of independence and gives them experience beforehand for their professional careers ahead.
Process and Procedures of FA Office and Committee
- A student submits a financial assistance form to the FA office.
- The FA office analyzes and evaluates the student’s case thoroughly to generate a case summary.
- The summary is then forwarded to the FA committee for further assessment.
- Based on the student’s profile, needs, and shift on campus, the committee allocates financial assistance accordingly.
- If the student has applied for a morning shift, he will receive financial assistance through a combination of loans, Qarz-e-Hasna, and fee waivers.
- If a student is enrolled in the evening shift, he will receive grants through KSBL loan and fee waivers only. Ihsan trust allocates it grants for morning shift only.
- An email will be sent to the applicant about the approval of its FA application with the decided amount.
- If the decided amount is not plausible or sufficient for a student, he/she can file an application to reconsider his or her case.