Alumni’s return gift to Mumbai colleges: Scholarships, funds, guidance
Grenville Solomon, a hedge-fund manager and philanthropist, recently teamed up with one of his teachers and started a scholarship programme for meritorious students at his alma mater.
He has promised to give Rs1 lakh to three meritorious students from the college every year.
Solomon graduated with a commerce degree from St Andrew’s College, Bandra, in 1987.
He worked at various finance firms across the globe before settling in Dubai, where he established his own company.
Having done well for himself Solomon decided to give back to the society, especially to the students from marginalised sections.
Solomon is an example of the growing number of alumni providing financial assistance to students of their alma mater. A few are even ready to become mentors and offer guidance.
“I decided to start this scholarship for three reasons: I studied at St Andrew’s, wanted to help children from my country and relation with my professors,” said
According to Marie Fernandes, principal of St Andrew’s College, Solomon is one of the several alumni of the 35-year-old institute who have extended help to students who cannot afford college fees.
Institute of Chemical Technology (ICT), Matunga, is one of institutes that benefit the most from the largesse of its alumni. Institute receives financial assistance from around 360 donors, many of whom are former students, who provide annual scholarships ranging from Rs10,000 to Rs1 lakh.
“ICT counts hundreds of top-notch industrialists among its . The institute and its faculty have been beneficial to them. They now want to pay back to their institute,” said GD Yadav, vice-chancellor, ICT.
He added around 30% undergraduate students at the institute avail scholarships funded by the alumni .
“I tell students that I don’t want them to leave the institute for the want of money,” Yadav said.
Old Students Association (OSA), a group of from MH Saboo Siddik College of Engineering, Byculla, has also been helping studying at the college and sister institutes. Every year, the group collects around ₹9 lakh donated through Zakat (religious charity) and distributes it among more than 100 needy students.
Apart from helping students financially, also supporting them through other means as well. They offer career educational and career guidance and assist in placements.
“I believe the more you give, the more you get,” said Fernandes.