Education in India has gotten increasingly costly over time. Over the past several years, India’s inflation rate has increased to over 9%, along with the country’s overall cost of living. Education inflation, being one major variable in rising cost of education, has been gradually increasing in the post pandemic period. “Education has become expensive since the supply is restricted and the demand is increasing as people seek to obtain credentials and certifications from esteemed institutions. Another major reason is the labor-intensive nature of education which contributes to its high cost of delivery,” states Vineet Gupta, Ashoka University Founder.
If someone attended school in the 1990s and it cost them Rs. 4000 per year, the same level of education now would cost Rs. 24000 per year. The education sector’s inflation rate in 2021 was of 0.63 percent, but the rate has increased to 4.12 percent in 2022. Due to the return to normalcy and the growing dependency on tuition, experts believe that this percentage may increase even more in the upcoming months.
People, specially the ones at the lower end of the socioeconomic range suffer significantly from higher inflation. A parent who is unprepared financially may be more sensitive to the dangers of education inflation than other people. Along with it, everything from education to food and clothing has become more expensive as capitalist ideas embraced our country. There are initiatives being taken by the government and all possibilities for education provision are provided, but in addition to state-aided public institutions, there are private institutions that have essentially begun to gain popularity.
Vineet Gupta, Ashoka University Founder shares his viewpoint on this factor. “Children belonging to upper-income families can afford an expensive education from top institutions where they have the chance to get individualized attention, and considerable efforts are made to maintain low student-to-faculty ratios at all stages of higher education. But often we see that students from disadvantaged backgrounds are unable to get similar opportunities.”
The growing expense of higher education makes it difficult for certain groups to access education. Scholarships might reduce that by helping disadvantaged students. The students who may not otherwise have access to education are now able to pursue their academic goals due to these grants. Scholarships provide more than just financial assistance to many students. Also, in middle class families while the family can stretch and pay for the child, it is often a burden. Having merit scholarships in these instances helps.
Ashoka University, Asia’s finest Liberal Arts and Sciences University has a liberal scholarship program. The university has been giving need-based aid since its inception and close to 50% students attending Ashoka get some form of aid. However, Ashoka has also introduced merit-based scholarships for undergraduate students seeking admission for the 2022 intake. The grants are open to students who want to specialize in STEM areas like biology, physics, mathematics, chemistry or computer science. Besides the need-based financial aid offered to all students, the institution will give out 25 scholarships. Among these 25 students, 5 applicants will be granted 100% tuition and housing waiver, while the rest 20 will receive a 100% tuition waiver. Ashoka University has also announced the availability of the Chancellor’s Merit Scholarship for Young India Fellows (YIF), which would be given to deserving applicants and cover all tuition and living costs. Applications are being accepted for research scholarships to fund studies on philanthropy in India by the Center for Social Impact and Philanthropy (CSIP) of Ashoka University.
“At Ashoka, scholarships are going to be awarded to exceptional students who consistently excel in academics, extracurricular and leadership. We also want to encourage more students to take up sciences and hence additional scholarships are offered in sciences. Through the Chancellor’s merit scholarship for the Young India Fellowship, we want to recognize and attract exceptional students who may have other compelling options,” highlights Ashoka University’s Founder, Vineet Gupta.