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.
But first let’s 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 candidate’s 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.
- Know where you stand
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 don’t 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.
-Are you financially Sound?
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!
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
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.
Refund shall be made after deduction of the cancellation charges as shown below.
Sr. No. |
Situation |
Refund |
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 received after start of academic session & seat could not be filled by the Institute |
No Refund (except security deposit) |
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.
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