NEED BASED
FINANCIAL ASSISTANCE

The IBA Financial Aid (FA) Program covers a wide range of need based financial assistance in the form of scholarships. These need-based scholarships are funded through the Zakat and valuable support of public and private sector donors. Upon submission of need-based scholarship form by student, the IBA facilitates by providing 'bridge financing' till the applicants are successfully connected with the Public or Private sector scholarship donor and Zakat funds. The level of bridge financing is determined by the financial need of student which is assessed through the information provided in financial aid application form as submitted by student. This bridge financing may range in between 25% and 100% of applicable tuition fee and is decided by IBA Financial Assistance Committee (FAC).

Eligibility

For Undergraduate Students:

• Only full-time students enrolled in morning programs, who are facing financial constraints and cannot manage to pay fees through other financial assistance options, such as fee installments and Qarz-e-Hasna, may apply for need-based scholarships.
• Applicants can apply for financial assistance to cover their tuition fees for the Fall and Spring semesters.
• Financial assistance will be provided on a course basis up to the 8th semester for undergraduate programs.
• Students must maintain a minimum CGPA of 2.5 to remain eligible for continued financial assistance.



For Graduate Students:

• Financial assistance will be provided for graduate students for the duration of the course mentioned in the Program Announcement, except for EMBA.
• Graduate students must take a full load of courses and should not freeze any semester throughout their graduate studies.
• The repetition of courses for grade improvement or previously withdrawn courses is not covered under need-based scholarships.
• Students must maintain a minimum CGPA of 2.5 to continue receiving financial assistance.



Additional Requirements:

• Submission of income tax returns is a mandatory requirement for all earning members of the applicant's family, except for residents of Gilgit-Baltistan, which is a tax-exempt region.

Submission of Application

• All applications are to be submitted within specified dates.
• Applicants are required to fill and submit complete application form online.
• Applicants are mandatory to submit all family members CNIC who are above 18 years of age.
• Scanned copies of the required documents are to be sent with application form. Application with incomplete documents will not be processed.
• For new admissions, the bridge financing is available at the time of admission only. Ongoing students are required to apply at the start of each academic year (upon enrollment) for reassessment of level of bridge financing.
• It is important to note that only those financial assistance applications will be considered for bridge financing or scholarship which are submitted within the stipulated period.
• A checklist for required supporting documents is made available in the prescribed application form.
• The applicants are advised to consult their parents or guardians before submission of application form along with supporting documents.

Application Review and Approval Process

• The submitted application forms and supporting documents are scrutinized by the Financial Assistance (FA) Committee, comprising senior faculty and staff members.
• Applicants may be required to appear for an interview if deemed necessary by the Financial Assistance Committee.
• The IBA reserves the right to verify all information provided by the candidates. The FA Committee may also conduct personal visits during the verification process.
• The FA Committee may call the student or their parents/guardians to verify documentation and the provided income and expense details.
• The Committee determines the applicants' need level based on established criteria.
• Scholarship awards are subject to the availability of funds and the Committee's approval.
• Once the application is approved, IBA provides "bridge financing" until the applicants are matched with external donors.
• It is mandatory for all financial assistance recipients to apply for externally funded scholarships recommended by the IBA Financial Assistance office. Failure to comply will result in the discontinuation of bridge financing.
• Any students who directly approaches the IBA donor, disciplinary action will be taken against them.