FPM students in good standing will receive a monthly stipend (in addition to tuition fee waiver) for a total period of four years. The stipend is paid to cover their living expenses, books and materials, insurance and other contingency expenses. The support can be extended for six months for a maximum of two times thereafter if the student’s progress is satisfactory. The rate of stipend is Rs.30,000 p.m. till clearing the Comprehensive Qualifying Exams (CQE) and Rs.36,000 p.m. after clearing the CQE. Students usually clear the CQE in the first half of their third year in the programme.
No room rent will be deducted from the monthly stipend, for students availing hostel accommodation. Those who do not avail hostel accommodation, will get an additional payment of Rs 6,000/- per month towards non-residential subsidy.
A computer grant of Rs. 50,000 (for purchase of computer hardware and software) is available when students join the programme. Any unused amount in this grant as on March 31st of the student’s third year in the programme will be added to the conference grant.
A contingency grant of Rs.30,000/- per year is allowed on a reimbursement basis for purchase of hardware, software, books, databases, data collection expenses, conference expenses and any other items directly related to the programme for a maximum of 4 years. Any unspent money of the contingency grant in one year can be carried forward to future period, as long as the student is registered in the programme.
The institute will support up to Rs.2,00,000/- per student during the stay as full time students for attending national and international conferences. There is no limit on the number of conferences or the locations, as long as the total expenditure is within the approved limit. If any financial support is received from conference organizers, students need to inform FPM Office and can claim reimbursement of expenses only to the extent not covered by the conference financial support.