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					                                                              Fee Policy for MBA
Payment of Dues
Fee Bills are issued to students before the start of the academic year. Amounts of dues and dates for payment are indicated on the Fee Bill.
No reminders will be given for the payment of dues. Students who fail to deposit their dues during the specified time are required to send a
written application to the Dean of the Business School through the Programme Coordination Office for approval; otherwise it will be
assumed that they have withdrawn from the programme. Except for Payment 1, all payment deadlines may be extended upon approval
by the Dean SDSB and as per the below mentioned applicable fines:

                    Number of days                                                          Late Payment Fee

 First 15 calendar days after the payment deadline            Rs. 200 per day.

 Next 15 calendar days                                        Rs. 500 per day.

 30 calendar days or more from the payment deadline           Rs.500 per day and Hold on account, Barring classes/exams and further registration.

Important Note
a) Students will be allowed to attend classes, take examinations and receive degrees/ transcripts only if they clear all their dues to the
   University.
b) Course registration will be blocked, if a student fails to deposit his/ her dues within the given deadline

Withdrawal Refund Policy
In case a student finds it necessary to withdraw from the programme, (s) he must submit a written application addressed to the Head
of Department, SDSB Admissions & Financial Aid Office. In case of withdrawal, the following refund policy will apply:

           Fee (2011 - 2012)                               Date of receiving application                                 Amount to be refunded
 Admission & SOP Fee                                                 Not Applicable                           Non-refundable
                                    Within 15 days after the payment deadline specified in the fee bill       100% Semester Fee Refund

 First Semester (Payment 1)         From 16-30 days after the payment deadline specified in the fee bill      50% Semester Fee Refund
                                    More than 30 days after the payment deadline specified in the fee bill    No Refund

 Payment 2                          Not Applicable                                                            Non-refundable


Deferment Policy
    In case a student applies for deferment within the deadline for refund of dues (as mentioned in the table above) then the tuition fee, SOP
    and registration fee will be transferable according to the applicable deadlines stated, whereas the admission and security fee will be
    retained as deferment fee. This amount will be adjusted in the next year’s fee. The student will be required to pay any differential amount
    in case of a revision in the fee.
    In those cases, where the student applies for deferment after the deadlines for refund of dues, the admission and security fee will be
    retained as deferment fee.
    In case the student deposited fee prior to the commencement of the upcoming term/ semester, will be adjusted in next year’s fee.
    Adjustment of due for students deferring in the middle of the term will not be carried forward to the next year. The security fee will be
    refunded subject to clearance of all University dues.
    No refunds will be applicable except the security fee in case a student does not join the MBA Programme. Refund of security fee is
    subject to the final clearance of all outstanding university dues.

Separation/ Suspension Refund Policy
   If a student is separated/suspended from the programme by the University for Academic Reasons and has deposited the dues for the next
   payment, all such dues deposited will be refunded.
   If a student is separated/ suspended from the programme because of disciplinary reasons or reasons other than academic, the dues
   deposited by him/ her for the current payment will not be refunded. However, if for some reason, decision is delayed till the next payment
   and the student pays the dues for the next payment, such dues will be refunded.

Admission Cancellation
   Nonpayment of applicable dues will result in cancellation of admission.
   A candidate who has been admitted and has made all payments but remains absent without any prior notification, will forfeit all dues
   already paid and his/ her admission will stand cancelled automatically without issuing any notice thereof.

Financial Aid Awards
    Merit awards and financial aid offers cannot be deferred. Students must reapply for financial aid when they rejoin the programme.
    If a recipient of student Financial Aid defers/ withdraws from the institution during an academic term, the amount of grant or loan
    assistance received will be subject to repayment.
    Any external funding will not be given for the duration of the repeated semester(s).
    Financial Aid for students applying for short leave/ deferment through LUMS is not automatic and maybe granted under exceptional
    circumstances for the repeated semester.
Repayment of Financial Aid
   LUMS Loans will have to be repaid in monthly installments over a period of three years, up to Rs. 150,000 and over & above Rs. 150,000
   within five years. Those who do not repay any installment(s) on time will have to pay the applicable fines. The repayment of loans will
   begin six months after graduation. This condition is applicable only in case of students who fulfill graduation requirements without any
   record of disciplinary action. In all other cases, LUMS Loans will have to be repaid immediately on withdrawal/ separation/ disciplinary
   action. In case of disciplinary action, all future financial aid will be cancelled and all previously disbursed loans will have to be returned
   by the student to LUMS.
   In case of disciplinary action, students will not be allowed to graduate unless they return all loans along with accrued penalties for delayed
   payments, if any. Other details regarding loan repayment may be obtained from the Accounts Office, LUMS. In case the student fails to
   complete the formalities of loan documentation before the required date, (s)he will be liable to pay the amount due to the University by
   the due dates.

      Decision of the University will be final. The University reserves the right to change its policies and fee structure at any time.

				
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