Want a Fee refund from your MBA College? Admission withdrawal cases; How to avoid

Every year during MBA Admissions, few scenarios are quite predictable; multiple admission offers and then fee refund applications.
MBA aspirants feel pride in receiving multiple admission offers from various B-schools but they forget the dilemma of choosing the best one.
This article by MBAuniverse.com will give you insights on Fee refund rules and steps to avoid this scenario. If you are currently looking for MBA Admission 2014, this is a must-read article to know how to get back your money from the B-school.

But first lets know why this situation arises?

MBA Colleges are always in a serious competition to fill their full quota of seats, hence every successful candidate is asked to pay the first installment of fees (token money) within a stipulated time period, failure in payment will result in cancellation of candidates seat. This token money ranges between Rs. 30,000 to Rs. 70,000 depending on the total fee structure of the B-school. Students in an eagerness to quickly get an admission offer and to avoid any future risks, book their seats by paying the required amount to the B school.
But candidates soon get into a dilemma when a better option pops up, as they have already paid the token money in the previous B school to book their seat.
We will get to the fee refund rules later, but first let us know, how to avoid this Fee Refund situation during MBA Admissions.

- Know where you stand
Often candidates undermine their capabilities and play safe. You must analyze and compare yourself with other MBA aspirants. Where do you stand among them? To do this, analyze your MBA exam score with the average scores. For example, average score this year for CMAT FEB 2014 exam is 70 marks. Thus, if you have scored anything above 120+, you definitely stand a better chance to get admission in top MBA colleges which provide admissions on the basis of CMAT 2014 scores. The same applies for CAT, XAT, MAH CET and other entrance exams.

Hence, if you have other good options of B schools in line, you must work hard for GD PI and focus on converting it.
Analyze your chances in CMAT B schools, Click here
Think before you ACT!
MBA aspirants get lured by some B school which boasts of AICTE or UGC approved seats for different specializations in MBA. Candidates dont go for reference check on the institute and are thus trapped in to pay their first installment of admission fee. All hell breaks loose, when you realize that the B school is not accredited by competent authority or it will even fail to fill its complete quota of seats.
Hence, do self- research about the B-school before paying fees.

-Are you financially Sound?

MBA aspirants must discuss this question within the family. Why? Because the average fee for the 2-year full time MBA/PGDM programme is somewhere around Rs. 5 lakhs, while there are other expenses to bear too. Apart from tuition and examination fees, institute asks for various other fees clubbed under different heading. You must seek complete fee structure of the institute and look into each heading.

Candidates must discuss the sources to procure their MBA fees with their parents. Many a times students tend to hurriedly submit the fees only to realize later that the family will not be able to bear the expenses for the next two years.

Thus, to avoid this, choose the B school that suits your pocket.

- Peer Pressure: Change in career plan!
Enthusiastic candidates take decisions at the drop of a hat. Career plans and goals go for a ride under peer pressure and friends suggestions. MBA aspirants are often given suggestions to go for CA, CS, ICWAI, etc courses rather than MBA. Those who suddenly decide to forget MBA and do something else will now have to get back their fees from the B-school.
Hence, think wisely and stick to your decisions regarding MBA Admissions.

Reasons can be numerous but what matters is how to get out from this situation. How to get back your first installment of fees given to the B school for booking your seat and in some cases to pursue MBA Admissions?

- Avoid full payment of fee
If you are still hesitant on the choice of your B school, avoid full payment of fees to the B-school. On the contrary, ask for fee payment plan. Every B-school provides installment facility for fee payment and candidate must exercise this opportunity so that only a small amount is parted.

How will you get back your Fees?

All India Council for Technical Education (AICTE) has issued guidelines regarding refund of fees, return of original certificated and other similar issues. Under the AICTE Guidelines No: - AICTE / Legal / 04(01) / 2007, April 2007, any candidate who has been admitted, may cancel admission by submitting an application in duplicate in the prescribed form and may request for refund of fees. The refund of fees as applicable shall be made in due course.

Entire amount of Security/Caution Money Deposit will be refunded to the candidate. To calculate the Cancellation Charges on the pro-rata basis, one month shall be treated as one unit. For ex. 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/-
If you are facing any such situation and are ill-treated by B schools, you can forward your complaint to AICTE who will then take necessary action.

Stay tuned to MBAUniverse.com for more news and update son MBA Fee refund rules