17 April 2020 I Melbourne-based billionaire couple Dr Shesh Ghale and Jamuna Gurung have announced $1 million goodwill fund for students enrolled at the Melbourne and Sydney campuses of Melbourne Institute of Technology (MIT).
The Governing Board of the college has pledged the $1,000,000 Financial Hardship Fund in order to support needy students enrolled in either an MIT or Federation University course at MIT in Trimester 1, 2020.
MIT, a private college the high-achieving couple founded in 1996, attracts students from across the world. Over the decades, the institution has emerged as a melting pot of multiculturalism as it boasts of some 4,000 students from diverse backgrounds.
“We have taken these necessary actions to support our international student community following a concerted effort to capture specific details from our student population regarding their financial needs at this time. The one-million-dollar Financial Hardship Fund and other financial assistance initiatives are designed to specifically address the identified needs of our students,” says Dr Ghale, MIT’s CEO.
The Nepal-born education and real estate tycoon states that the MIT management appreciates the significant impact COVID-19 pandemic has had on the personal finances of vulnerable students.
According to MIT, eligibility criteria and how the fund will be administered are currently being developed.
“Some face a very desperate situation where their part-time or casual employment has ceased and they are unable to return to their home country and at the same time experience difficulty in affording their continued stay in Australia,” a press statement issued today reads.
“The Financial Hardship Fund, announced today, is the most recent among a string of humanitarian initiatives undertaken by MIT and MIT Group Foundation (a registered Australian charity) over the years. MIT continues to lead the way in goodwill initiatives, supporting students as well as many other disadvantaged communities in difficult circumstances of hardship or natural disasters,” MIT further added.
Under the Financial Hardship Fund, each eligible student will be able to access one-off grants of up to $500, it is understood. The compassionate payments are completely obligation-free requiring no repayment.
In addition to these grant payments, MIT has also made available other financial assistance initiatives to support its in-need students so that they are able to “effectively manage their finances through these extremely challenging times”.
The leading education institution is seeking to keep its vulnerable students motivated through these dark times. It is hoping to encourage the affected members of its students community to continue pursuing their long-cherished academic endeavours, MIT maintains.