You have asked a very important question. Hope this answer helps you.

I can give a an idea about fee concessions and scholarship that are given in iit Bombay.

firstly if you are a sc/st category student then you can learn practically for free in iit Bombay. IIT Bombay pays entire fee for category students. Also sc/st category students dont need to pay mess and hostel fee. So category students dont face such economic problems. The only condition for this is that you need to have VALID caste and income certificates.

Now coming to general category students, general category student are entitles for a lot of government and private scholarship. I will tell them in detail.

MERIT CUM MEANS SCHOLARSHIP:- This scholarship is given to those students that have FAMILY (and not father) annual income below 4.5 lakhs. Under this scholarship students are exempted from the tuition fee ( and not the entire fee although tuition fee comprises nearly 70% of total fee). Also students get about 1000 rs per month. So this is an awesome help for general category students with poor financial status.HELP FROM ALUMNI ASSOCIATION:- IITB is known for its strong alumni association. If your family income is greater than 4.5 lakhs and you still want financial help then alumni associaltion can surely help you. It gives you loan for your studies with 0% rate of interest. You can repay that loan anytime you want after you get a job.Also alumni association help you get sponsored by many big companies. Companies like TATA sponsor education fee for students. They even give you money for buying laptops. I actually have a friend who is being sponsored by TATA. Additional perk of this is that you get a tour of TATA facility and lots of other perks.

So rest assured. You will never face a economic problem in any iit.

MAY THE FORCE BE WITH YOU

its fully depend upon the college management