SHORT-CHANGED GRADUATES OFFERED MONEY-BACK GUARANTEE
Were you over-charged for your degree? Students at a London university have become the first to be promised a refund if they fail to find work after graduation.
The London School of Business and Finance (LSBF) has become the first higher education institution to offer a money-back guarantee on its degrees. Graduates who are not in a job with career prospects within six months of graduating will be awarded £2,500 in compensation.
Courses at the private university cost £9,500 a year and last three years at undergraduate level and two years at postgraduate level.
Graduate Fog thinks the introduction of this refund policy is hugely significant — and it is no coincidence that it comes at a time when graduates and employers are questioning the value of a degree. It is a clear acknowledgment that universities are beginning to understand that there must be a relationship between what they are charging and the value of the qualification to their graduates.
I have written before about the mistake universities are making basing their fees on what it costs to run their institutions, not on what the value of their qualifications is to graduates. As students are now customers, the two will have to become aligned. The price tag must reflect the value to a customer — or they won’t get their wallet out.
A spokesperson for the LSBF told Graduate Fog:
“We recognise that the current job market is a tough one for graduates. As well as preparing our graduates to be at the top of their game and be work ready, we also wanted to give our students the extra advantage of guaranteed employment.”
But the big question is – what constitutes being ’employed’? How bad do things need to be for a graduate to be able to claim their refund? When Graduate Fog asked asked whether those doing unpaid internships six months after graduation would be entitled to the refund, the LSBF spokesperson confirmed that they would:
“Although unpaid internships can afford valuable work experience and provide a route in to a business, they do not constitute a paid position, as per the LSBF graduate job guarantee. Therefore, LSBF would use the graduate guarantee in this example and the student would receive their specified refund.”
Similarly, graduates who are temping, working in bars or waiting tables would also be eligible to claim. They have promised that anybody who “is not employed in a position that is relevant to their degree or career aspiration” would be awarded the refund.
This attitude is refreshing — and directly contradicts the policies of many other higher education institutions, which are happy to fudge their figures and include their graduates in unpaid internships under the bracket “employed.”
Whilst the university doesn’t offer a full refund, this policy can only be good news for graduates who are grappling with record levels of debt and youth unemployment — especially if it is the first of many to adopt a ‘money-back guarantee’ policy.
LSBF predicts that other universities will follow suit, telling Graduate Fog:
“We believe graduate guarantees will become more common place after next year’s hike in tuition costs is introduced. With university fee prices soaring, students are rapidly transforming into educational consumers, who will shop around for the best return of value and investment on their money.
“This will result in greater competition between establishments and force private and public providers of higher education to diversify their products by introducing more flexible, long-term payment options or putting in place a graduates guarantee, with emphasis on employability.”
Should more universities offer money-back guarantees?
If your university had offered a refund like this, would you have claimed it? Do you think universities should go even further and offer a FULL refund to graduates who are unable to find work? Should courses with poor employment rates be forced to give refunds?
Love that? Read these:
Good gravy…I look forward to seeing what happens when the first person tries to claim it.
It’s an interesting development ….
Am wondering about the security of the guarantee – will the university take out insurance to pay the refund even if it goes bust? If not, will cash-strapped uiversities be able to pay the refund?
Hmm…interesting. Although aren’t most of the people going to private universities from well-off backgrounds anyway, since (as far as I know) you don’t get Student Loan Co. support (and especially if there’s postgrad added on at this uni). This refund also seems open to potential abuse, and requires more definition. A student could claim any job they were doing didn’t meet their “career aspirations” surely? Would a, say, 18-month contract in a field related to the student’s degree/career aspirations count as “temp work” and be included?
Practically all arts or humanities grads would be queuing up for refunds if this were standard practice.
I’m guessing this private uni is the kind of place that offers MBAs and other kinds of expensive qualifications I don’t really know about
the biggest joke news ever, LSBF does not even return refund to students, who even didnt receive CAS because London metropolitan revoked rights of visa, and what makes you think such a disgraceful institution could even afford to pay back students who have studied? please dont simply post such nonsense, which gives the reader bad mood.
I have read of lot of negative feedback concerning LSBF and its bad refund policy. sadly, all this is coming after i applied to them for the ACCA programme. I also have applied for a refund. i gave them a call to make find out how long it will take for them to get back to me with a refund and the guy that picked ended the call immediately. I will definitely be suing them if i wait another week without any response. we would take it to court, because they dont have any rights whatsoever to hold unto money that they didnt work for. I haven’t proceeded with any Visa application plans, not officially accepted their offer which is the first step to becoming a student, i was infact rushed into paying this money by one of their advisers. I smell a rat. and if they think the can get away with this kind of behaviour they have another thing coming. it took such a short time to get my money and i dont expect it to take that amountof time to get it back so they better shape up and put things into perspective.
It is sooo embarrassing for an institution such as LBF to run on this type of negative publicity. sooo many negative reviews on refunds and they are talking about refunding graduates money. Their customer service is zero.such a hungry institution . If you cant function, why dont you close down? stop taking people’s monies without offering services. Even if the applicant is refused Visa, some sort of refund should be made available cos this money is hard to come by. so LSBF give people their money back and for all those interested in doing your ACCA course, dont bother, you only get certified after three years of work experience which the so-called LSBF cannot and will not offer you. so think carefully before making your choice. LSBF is A wack business school that y’al shud stay clear of
@grace I recommend you first to ask any relatives of your to visit their campus, talk firmly with them and ask for refund, if they act smart, you have all the rights to sue them, even a friend of mine is struggling for last 4 months, because they didn’t refund him.
i recently contacted a supposed member of staff who emailed a no response mail to me and asked that i forward all my updates to an email he provided. i have tried emailing this account and more than ten times i have gotten a failed response from both my gmail and yahoo accounts. Inorder words,i was given a fake email account. LSBF i will be suing you.
All the best, Hope they will learn the lessons, enough of cheating LSBF
This is a totally LIE! LSBF is the worst school ever! I enrolled for ACCA with them and paid everything in advance. First thing: the infra structure of the school is horrible, very small classroons full of students. Some lectures are really weak. Their printed material is always delivered later, after the course started. And when you go and try their exercises, there is a lot o WRONG ANSWERS. I was with them for 3 semesters and at the begining of each semester, I had to “prove” to them that I paid my fees, because, surprinsily a school that teaches your the principles of accountancy, is a MESS with their own accounts. DON’T EVER GO TO THEM, EVER!
Hey LSBF! How about refunding my $11400 ACCA course fee first before going about finding new ways of selling your courses. 21-45 days for a result on course fee refund applications is LSBF’s promise to its clients. Well I have been waiting for three months and some others have been waiting years for just a reply from LSBF refunds committee. My advice to un-employed graduates: You have better chances at the Dole than a refund from these buggers. Forget your refund. Worry about being nose deep in phone bills before one of them actually decides to speak to you and needless to say they wont be of ‘any’ assistance just the usual ‘please leave your name, number and email id and one of our representatives will get back to you shortly.’ Well I do not know what the universal period for shortly is but according to LSBF refunds committee definitions its mostly never. The funny thing is when you apply your LSBF student counselor will call u atleast 4 times a week askin you for to pay fees, trying to convince u to pay full fees or more courses. Hey LSBF refunds! How about calling the students you owe once in a while. Hey I would be thankful even if u replied one of my mails!
I could only wish there was anyone, who could help us in such a situation, they are fraud and cheat individuals, requested refund on 24th september, 6-7 months, without 6k pounds, is huge hurdle to academic progression, but these selfish people have cheated many people all over the world and continue to do so, I have reached UK, to settle this, I will ensure I get back my money. won’t spare these cheaters.
Hi – are you saying that LSBF are refusing to pay back money that you feel you are owed?
If so, please email me: https://graduatefog.co.uk/about/contact-graduate-fog/
Thanks!
I am fed up waiting for a LSBF refund too, even i was approved one. Its now 90 days passed. I think we should go to media like watchdog, twitter and facebook and let others know about this bogus institution. Oh and lets not forget trading standards too.
lsbfraud.blogspot.com
Access this blog or send an email to lsbf.fraud@yahoo.com… Im sharing my story and want to show the world how this school is a mafia
All those who have been ripped off by LSBF – and the are very many, mostly poor Asian students who can not afford to fight back – should contribute to this blog:-
lsbfnews.blogspot.com
Hi, I’m engku sofia. I am currently in UK as a visitor & planning to make a pool limitation against lsbf this month since they are having a very hard time to refund my money that IVE PAID IN FULL. Too anyone who is interested to combine case with me, please do email engkusofea@gmail.com so that I can represent all of you to get your money of fees paid back + damage cost