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Switching your B-school? Know Fee Refund Policy @ B schools
mbauniverse.com | 03, April 2013 0315 IST
This article by MBAUniverse.com brings you AICTE policy and norms on 'Fee Refund'.
So, if a B-school delays your 'fee refund' or makes different excuses for not refunding your money which you deposited during your admission process, what do you do?
This is one of the several queries that MBA aspirants ask MBAUniverse.com during the peak admission season at different B-schools.
You probably won’t like to face a similar difficulty. During admission season every year, hundreds of students face this dilemma of ‘Fee Refund’ when they get multiple admission offers from different B-schools.
Once an aspirant comes to realize that his final decision on choosing a B-school was wrong and he needs a course correction, the next challenge for him would be to withdraw admission from the previous institute. But switching to a better B-school becomes difficult especially in the case where you have deposited your admission fees to a particular B-school.
So, if a B-school delays your ‘fee refund’ or makes different excuses for not refunding your money which you deposited during your admission process, what do you do?
That particular B-school can get into legal trouble and even face cancellation of their MBA programme, if you file a complaint against the institute for not refunding your money. AICTE has strict guidelines on the same. This article by MBAUniverse.com brings you AICTE policy and norms on ‘Fee Refund’.
But before we give you the clarity on ‘Fee Refund’ policy, let’s look at the scenario where it becomes imperative to change your final option on B-school admissions. There might be following key reasons for an aspirant to switch to another B-school:
• Getting a better option
While aspirants usually grab the first good admission opportunity to be on the safer side, they are likely to get many offers even after they take admission and deposit their fees to a particular institute.
But things become confusing when they receive admission offer from a better B school according to their set of preferences. The desire to do MBA from a good B school prompts them to withdraw admission from the previous institute and join the better one.
• Lower intake in a B-school than the AICTE approved quota
B schools boast of having recognized/accredited by AICTE/UGC for 60, 120, etc number of seats for their MBA/PGDM programme and always try to increase their maximum limit of students intake.
But some of the B schools fail to attract students and their quota of seats remains unfilled, sometime less than 50 percent. This brings a negative impact on the overall academic quality. Students will want to go to B-schools with a vibrant student community. The desire to seek option where the batch size is bigger and students are more in number can be a reason to switch to other B-school.
• B-school fails to deliver on its promises
During admission process, every B school promises a range of facility to their students to lure them to take admission into their institute. However, many B-schools fail to deliver on their promise. This result in dissatisfaction with the B-school and the student would want to switch to a credible and transparent institute.
• Financial Problem
Sometimes, aspirants take admission decision in haste and don’t give thought on their affordability for the programme over the next two years.
Problem occurs when they realize that expenses of continuing their management programme at the B school is very high and is unaffordable as per their living standards. Thus, student may want switch to a B schools with lesser fee structure.
• Other reasons
Apart from the above reasons, there are various other reasons which may force a student to withdraw their admission and seek refund of fee from their institute:
- Expiration/ cancellation of affiliation/ accreditation of the B school by AICTE or other governing body
- Change in specialization provided to the student (different from as desired)
- Unavailability of hostel or proper boarding and lodging facility.
- Change in career plans: deciding to opt for other professional courses like CA, CS, ICWAI, etc.
- Student chooses to join an organization and have work experience before going for PGDM/MBA degree.
What is the Norm/policy on Fee Refund?
Many students are unaware of the policy or the norms that has been set up by the apex management body, AICTE.
(Reference: AICTE Guidelines No. - AICTE / Legal / 04(01) / 2007, April 2007)
Process of refund of tuition, development and other fees after cancellation of admission secured through CAP rounds, institute level round(s) and vacancy round(s) of admission:
The candidate, who has been provisionally admitted, may cancel admission by submitting an application for cancellation in duplicate, in the prescribed format and may request for refund of fee. The refund of fee as applicable shall be made in due course. It is made clear that such application for cancellation will be considered if and only if the admission is confirmed by paying the prescribed tuition fee and other fees in full and by submitting the original documents. Refund shall be made after deduction of the cancellation charges as below:
On request received before the date of start of the academic session & seat could be filled by the Institute before the cut- off date.
Refund Available: Entire fee less by Rs 1000
On request received on/after the beginning of academic session & seat could be filled by the Institute before the cut- off date.
Refund Available: Entire fee less the Seat Cancellation Charges on pro-rata basis **
On request received before/after the start of the academic session & seat could not be filled by the Institute
Refund Available: No Refund (except security deposit)
Note: * Entire amount of Security/Caution Money Deposit will be refunded to the candidate.
** For calculation of the Cancellation Charges on the pro-rata basis, one month shall be treated as one unit e.g. if the candidate cancels admission on third day i.e. within one month after the start of academic session & the seat is filled before the cut- off date, then Cancellation charges on pro rata basis will be the higher amount of (Entire fee) /12 or Rs. 1000/-
Any violation of the instructions issued by AICTE, shall call for punitive action including withdrawal of approval and recognition of erring institutions and Universities.
If you are facing any such situation and are ill-treated by B school, you can forward your complain to AICTE who will then take necessary action.
Stay tuned to MBAUniverse.com for more updates and information on B school Admissions.
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