This paper presents the design and implementation of a Virtual IoT Lab to address the infrastructural and accessibility challenges in IoT education, particularly in rural schools, where economic and organizational constraints limit access to scientific and technological equipment, thereby hindering STEM engagement. By leveraging the IoT as a Service (IoTaaS) model, the system integrates cloud computing features, enabling ubiquitous access and resource utilization. A simple interface allows students to authenticate and select from a list of experiments, supplemented by theoretical insights before engaging in hands-on virtual simulations. The proposed system builds and integrates low-cost IoT experiments with a queuing mechanism to optimize hardware utilization while maintaining stability and fairness. The frontend and physical IoT components are connected via Web of Things (WoT) APIs. The proposed system was evaluated against traditional physical IoT labs. The proposed system demonstrates better performance compared to traditional system based on various parameters, thus bridging the digital divide and democratizing IoT-based STEM education for underprivileged students.