There is good news for Indian students studying at the Stanford Graduate School of Business (SGSB) who have opted for educational loans.
Three years after offering 'loan forgiveness' to the US students, the school has extended the 'International Loan Forgiveness Programme' to its international students this year onwards. Reason: to get the best students.
"After completing their studies, if a Stanford student chooses to go back to the home country or anywhere else in the world where his salary is not too high, he can apply for loan forgiveness," said Dan Rudolph, senior associate dean, SGSB.
While this practice is not usually applicable to international students employed with companies in the US since "they make a lot of money", it is however applicable for those who are attached to a non-profit organisation, where pay structures are low.
"On the basis of contributions made by alumni, the loan will be paid off," said Rudolph.
Rudolph, along with Stanford University president John Hennessy and Stanford School of Engineering (SSE) dean James Plummer, was in Mumbai on Monday to attend a two-day executive education programme — Innovative Strategies for a Dynamic Economy — sponsored by the SGSB and SSE. The business school has also collaborated with IIM-Bangalore for student exchange programmes.
Recognising tremendous changes taking place in Asia with the rapid progress of India and China, the Stanford University has established a Centre for South Asia (CSA) housed in the campus itself.
"The centre will deal with policy issues as well as cultural and historical understanding of India. Honestly, our students don’t know about India and we need to educate them about the country," said Hennessy, adding that the university has also received support from Indian alumni for professorships and financial aid for international students.
On setting up a campus in India, Hennessy said: "We do not want a B-grade Stanford University. But we will be exporting content material as well as expertise." He added: "India and China should aim to develop world-class universities and we are here to help them." Plummer also shared similar views.
"We have the best university system in the US, but the K-12 school system is not competitive to many parts of the world. So unlike India and China, the challenge for us is to improve the quality of elementary education and bring it to world level in math and science," he said, adding that 50 per cent of the PhD students are international students.