As a grant-in-aid college functioning under the Government of Odisha, Prananath College students are eligible to apply for the state's Post-Matric Scholarship for SC, ST, OBC, SEBC and minority-category students, which covers tuition fee reimbursement and, in many cases, a maintenance allowance. The college itself has reported that a section of its undergraduate students receive full tuition fee reimbursement under such state government schemes, alongside other merit-based scholarship opportunities available to eligible students; candidates should apply through the relevant Odisha government scholarship portal after admission and check current eligibility criteria with the college's scholarship or student welfare cell.