Refund Policy

1. Purpose

This policy establishes the principles, conditions, and procedures governing the refund of fees paid to the Institute of Economics and Finance (IEF). It is designed to ensure transparency, consistency, and fairness in financial transactions, while safeguarding the Institute’s administrative, academic, and operational obligations.

2. Scope

This Refund Policy applies to:

  • All participants enrolled in academic programmes, including certificate, diploma, undergraduate, postgraduate, doctoral, and research-related programmes, where applicable;
  • All participants enrolled in short courses, professional certification programmes, executive education, and customised training programmes offered by IEF;
  • All online, blended, and in-person modes of delivery;
  • All fees paid directly to IEF, including tuition, programme, supervision, and related academic fees, unless otherwise stated;
  • Both local and international participants.

This policy does not apply to fees governed by:

  • Separate contractual agreements;
  • Partner universities or external awarding bodies;
  • Research grants, scholarships, or third-party funded programmes.

Where such arrangements exist, the applicable contractual or partner-specific refund terms shall prevail.

3. General Principle

All fees paid to IEF are intended to cover administrative costs, learning resources, faculty engagement, and programme delivery. As such, fees are generally non-refundable, except as expressly stated in this policy.

4. Refund Before Programme Commencement

A participant may be eligible for a partial refund if a written request is submitted before the official start date of the programme, subject to the following:

  • More than 14 days before programme starts:
    Up to 70% refund of tuition fees paid (less administrative and processing charges).
  • 7–14 days before programme starts:
    Up to 50% refund of tuition fees paid.
  • Less than 7 days before programme starts:
    No refund shall be granted.

5. Refund After Programme Commencement

Once a programme has commenced, no refund shall be issued, regardless of:

  • Non-attendance;
  • Withdrawal;
  • Inability to complete the programme;
  • Personal, professional, or medical reasons.

6. Non-Refundable Fees

The following fees are strictly non-refundable:

  • Application and registration fees;
  • Examination and assessment fees;
  • Certification and graduation fees;
  • Access fees for LMS, digital resources, or learning materials;
  • Fees paid for third-party services or external awarding bodies.

7. Programme Cancellation by IEF

If IEF cancels a programme due to insufficient enrolment or unforeseen circumstances:

  • Participants will receive a full refund of tuition fees paid, or
  • May opt to transfer the fees to another IEF programme of equal value.

8. Deferment and Credit Transfer

In lieu of a refund, a participant may request:

  • Deferment to a future intake of the same programme, or
  • Credit transfer to another IEF programme.

Such requests must be made in writing and are subject to management approval.

9. Refund Request Procedure

All refund requests must:

  1. Be submitted in writing to the IEF Admissions Office;
  2. Include proof of payment and a formal withdrawal request;
  3. Be submitted within the applicable refund window.

Approved refunds will be processed within 14–21 working days.

10. Method of Refund

Refunds shall be made using the original payment method where possible. Any bank charges, transfer fees, or currency conversion costs shall be borne by the applicant.

11. Exceptional Circumstances

IEF reserves the right to consider refunds on a case-by-case basis in exceptional circumstances, at its sole discretion. Such consideration does not constitute a precedent.

12. Policy Review and Amendment

IEF reserves the right to amend this Refund Policy at any time. The version published on the official IEF platforms shall prevail.

Effective Date: 1 August 2025
Approved by: IEF Governing Council
Version: 1.0
Last Reviewed: August 2025

End of Document