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There are more than 40 scholarships in various areas to help economically weak students as well as to reward merit. A number of Teaching Assistantships and Research Assistants are also available. Please see website www.nist.edu for details. The Govt of Orissa, Bihar, Jharkhand also provides a number of scholarships. The BPUT (Univeristy) Welfare Fund also has full fee payment in case of demise of parent.
The National Institute of Science and Technology was established in 1996 and is being managed by the SM Charitable Educational Trust with the mission to "create engineering minds capable of mastering the global challenges of tomorrow's technology". The Institute is approved by the All India Council for Technical Education (AICTE under MHRD, Govt of India) and is affiliated to the Biju Patnaik University of Technology (BPUT). The Institute has received the Accreditation from NAAC in 2014 (3.22 out of 4.00) which is the highest among all technical Institutes of Orissa. The nstitute is ranked 65th in India by Outlook India and 28th by DataQuest.