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| PROGRAM NAME |
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Eighty Sixers' Financial Assistance Program |
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| DURATION OF THE PROGRAM |
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Perpetual |
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| GENERAL NATURE OF THE FINANCIAL ASSISTANCE PROGRAM |
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Eighty Sixers' alumni(herein after called as ALUMNI86 also called ISSUER) members have instituted this Financial Assistance program (hereinafter called as PROGRAM) to help those students (hereinafter called as SEEKER) of Government College of Engineering Salem, 636 011 (herein after called as GCE), who are in need of financial support to pursue education of their interest, in order to better themselves and to place themselves as an accomplished person in the society. |
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| ELIGIBILITY CRITERIA |
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The Financial Assistance is open to |
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1. Students of GCE,
who are currently studying in Under graduate study (Bachelor Degree)
OR
who are currently studying in Graduate study (Master Degree)
OR
graduated from the college and intended to pursue higher studies in colleges located in India.
The course enrollment shall be in the immediate following academic year. However, at
the sole discretion of the ALUMNI86 members, this condition may be waived.
OR
graduated from the college and intended to pursue higher studies in colleges located abroad.
The course enrollment shall be in the immediate following academic year or up to a year later.
However, at the sole discretion of the ALUMNI86 members, this condition may be waived.
2. Discipline of the study is not a criteria for deciding the Financial Assistance
3. Students of any caste, community, race, religion, origin, male, female who intend to use this
financial assistance for their studies.
4. Students who are really in need of money based on the financial background of the SEEKER,
AND
assessment by a ALUMNI86 member OR an endorsement letter from a college educator
no less than the rank of Assistant Professor.
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| TYPE OF FINANCIAL ASSISTANCE AVAILABLE |
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Financial assistance available under this PROGRAM is of two types. |
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1. A LOAN is an amount, available under this PROGRAM, which need to be repaid to the
ALUMNI86 at the stipulated time agreed to, when the Financial Assistance was awarded.
2. A GRANT is an amount, available under this PROGRAM, which need not be repaid.
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| GRANT OF FINANCIAL ASSISTANCE AND PAPERWORK |
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A SEEKER, who is in need of Financial Assistance through this PROGRAM, is required to send a formal request to ALUMNI86. Such request is carefully studied and a member belonging to this ALUMNI86 (hereinafter called as VALIDATOR) will ascertain the validity and genuineness of the request. On successful recommendation by the VALIDATOR, ALUMNI86 will decide whether to ACCEPT or REJECT the SEEKER's request for Financial Assistance. On Acceptance of the SEEKER's request, the SEEKER will be considered as RECIPIENT, and will be notified in writing with the details of the terms of Financial Assistance. A formal letter of agreement in two originals is to be signed between the RECIPIENT and a ALUMNI86 member or VALIDATOR or any representative of the ALUMNI86. One of the original agreement is given to the RECIPIENT and the other is retained by the ALUMNI86.
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| RESPONSIBILITY OF THE RECIPIENT OF FINANCIAL ASSISTANCE |
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If RECIPIENT has received any portion of the Financial Assistance as LOAN, it is the responsibility of the RECIPIENT to make sure the LOAN amount is repaid to the ALUMNI86 as per the terms agreed. Should any delay in repayment of the LOAN expected by the RECIPIENT, such delay shall be duly notified in writing to the ALUMNI86.
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| RESPONSIBILITY OF ALUMNI86 |
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The ALUMNI86 is generally expected to meet the commitment made through the agreements with the RECIPIENT. However, if, for the reasons beyond their control, ALUMNI86 is not able to meet their part of the agreement, ALUMNI86 shall intimate all the RECIPIENTs in writing about their non-fulfillment of the agreement. It is the responsibility of the RECIPIENT to further find Financial Assistance in order to continue his studies on their own. RECIPIENT also absolves ALUMNI86 of any further responsibilities and no further recourse or redress is claimed from ALUMNI86 or any of the members or representatives of ALUMNI86.
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| WITHDRAWAL OF FINANCIAL ASSISTANCE |
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The Financial Assistance can be revoked at any point of time, if the RECIPIENT is found misusing the funds which were generally intended for educational purposes or any such specific purpose mentioned in the agreement. If the Financial Assistance is revoked, all further payments of LOAN/GRANT or of any other type of Financial Assistance to the RECIPIENT will be halted. However, RECIPIENT is obligated to repay the LOAN portion of the Financial Assistance received earlier from ALUMNI86. The RECIPIENT is however, allowed to retain any such GRANT paid earlier to him before revoking the Financial Assistance.
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| DECISION MAKING AUTHORITY |
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Decision made by the ALUMNI86 members is final. Any person who applies to this PROGRAM, is considered to have agreed to these conditions at the first place. This PROGRAM give the power to the ALUMNI86 members to exercise judiciously the funds available at their disposal, to extend financial assistance to the individuals as per the conditions set forth by this PROGRAM.
However, based on the availability of the Finance budgeted for this PROGRAM,
Financial Assistance,
can be extended to one or more individuals,
OR
stopped for one or more years and can be restarted after such period of time.
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| PROJECT RECORDS |
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All the written requests for Financial Assistance shall be maintained by a member. For reference following naming convention shall be followed.
For example first request received in Feb, 2005 is written as 2005_feb_fa_001
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| ABILITY TO MODIFY THE CONDITIONS OF THIS PROGRAM |
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The conditions stipulated in this PROGRAM can be amended or modified or removed altogether by the majority members of the ALUMNI86.
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