It’s indeed a great sense of achievement to be selected for admission into more than one B-Schools or universities – those who accomplish it, unquestionably earn the right to cherish it. However, with that sense of admirable accomplishment, comes the burden of choosing the best institute that could potentially satiate the candidate’s academic objectives. Worse still, more often than not a student who recieves multiple admission offers from various institutes, eventually find himself entangled in the complicated procedure of admission fee refund and making the choice of shortlisting the right B-School. Therefore, in order to help you out of any such potential situation, we have come up with some important strategic measures that could help you get your money back from a B-School.
However, before we delve into the seemingly complicated refund application procedure, let’s first shed some light into how we can avoid being trapped in any such inconvenient situation, and avoid MBA admission withdrawal altogether.
Almost all B-Schools or colleges that you probably hear or read about, brag about being accredited by the AICTE or the UGC, or both. Now, the issue is that a lot of candidates believe these claims on their face value and do not conduct any background check on the institutions they take admission in. Quite naturally, they even go on paying the first installment of fees. And then, all hell breaks loose one fine day when they finally come across the news that the institute in question is not recognized by any competent authority. The only way to avoid such a situation is to carry out rigorous background check on the institutes that are on your radar.
MBA programs in most B-Schools usually tend to be more on the expensive side for the average Indian household. Therefore, it is important that candidates find out about the overall course fee structure and then discuss the same with their parents before making a decision. We often come across stories wherein a candidate from not-so-financially-sound background receives an admission offer from a B-School and he/she submits the first installment of fee without contemplating much (only to find out later that their parents won’t be able to bear the expenses for the next two year).
If you are in any doubt about your selection of a particular institute, then the first thing you ought to do is ask for a payment plan. The idea here is to avoid paying the full amount and settle for a relatively smaller amount
However, if you have already made the payment and now seeking for a refund, then resort to the following procedure:
According to the guidelines issued by the All India Council for Technical Education (AICTE)[ Guidelines No: – AICTE / Legal / 04(01) / 2007, April 2007], a candidate who has been granted admission, may opt for cancelling the admission by submitting a written application in duplicate in the prescribed form. Upon doing so, he or she becomes eligible to demand a refund of the admission fee. If the proper procedures are followed, the institute in question will be legally bound to issue a refund of the application fee deposited by the candidate (within a due course of time).
Under existing rules, the refund (after deduction of cancellation fee) will be issued as shown in the figure below:
|1||Request Received before date of start of academic session & seat could be filled by the Institute before the cutoff date||Entire fee less Rs.1000/-|
|2||Request received after start of academic session & seat could be filled by the Institute by waitlisted candidates||Entire fee less the Total fees (Tuition Development & Hostel Fee) on pro rata basis|
|3||Request recieved after start of academic session & seat could not be filled by the Institute||No Refund (except security deposit)|