In a LinkedIn post, Thermax CEO Ashish Bhandari discussed paying ‘outrageously high’ tuition fees for his son’s education in the US.
Ashish Bhandari, MD & CEO – Thermax Limited, recalled his IIT Bombay days – when the half-year tuition and hostel fee was ₹265. Bhandari was speaking in the context of his son studying at a US university, which he pays “outrageously high” tuition fees for.
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“I am dropping my son off at his university in the US, and as I pay his outrageously high tuition, my thoughts go to my own undergrad 30 years ago. My half-year tuition and hostel fee at Indian Institute of Technology, Bombay was a measly Rs. 265,” Bhandari said while sharing the photo of an old receipt from IIT Bombay.
“IIT, then, and now, for a middle-class kid in India, is the surest slingshot to a world of opportunity. In the debate, “between the individual and the nation, who gains more from IITs”, I can only share my personal experience. The aspiration of the IIT degree was the sole driver for seeking to improve my mediocre high school grades. My undergraduate years, while injudiciously spent in large parts, have had a role to play in every significant decision I have made in my professional journey. The marvellous gaggle that I met as cohorts continue to inspire me that more is possible,” Bhandari said.
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Then, the Thermax CEO went on to make a promise to his motherland. “Knowing what I know now, how much would I be willing to pay for this education? For the ceiling fan that never worked, I want my money back. For the rest, I don’t know if I can ever repay the country. I promise that I will try,” he added.
One user wrote, “I paid about 1000Rs for my engineering. And yes, like you when I paid the outrageous undergrad US tuition for my kids I wondered if I had it better. And one reason for me to come back to india was to try and repay for all that was given to me (sic).”
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Wrote another user, “IIT Kharagpur in 70’s was ₹300/ – a year for Tution and Room rent . Even today it should be economical in global terms. Guess it’s time that those who make it should be given a ‘Student Loan’ which can be paid off over so many years – or even written off periodically as other loans.
Cost of study in USA
Public and private universities make up the majority of universities in the United States. A public or state university’s tuition is less expensive than that of a private university. Depending on the degree programme and university or institution you choose, tuition costs will vary. You’ll want about $10,000 (around ₹8 lakh) to $55,000 (around ₹44 lakh) every year to pay for tuition.
Cost of study in UK
International undergraduate tuition costs range widely; they start at about £10,000 (around ₹9.5 lakh) and can reach £38,000 (around ₹36 lakh) or more for degrees in medicine. Studying in the UK is thought to cost an average of at least £22,200 (around ₹21 lakh) per year, including living expenses, with London likely being much more expensive.
Cost of study in India
In rural areas, the average cost per student for general college courses is ₹5,240 per year; in urban areas, the average cost is more than three times that of rural areas, at ₹16,308. The price climbs to more than ₹72,000 each year for individuals who decide to pursue medical degrees.
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