My personal experience with ICFAI’s distance learning MBA program has been frustrating and torturous. But I admire their business model -
1. Most people want an MBA degree
2. Only a few people have it in them to finish an MBA course
3. Therefore, introduce a course with almost no entry barrier(minimum qualification) graduation
4. Ask students to pay the Rs. 90, 000 plus fee through EMI(Around Rs. 4500 per month). Most students confuse this as the course’s monthly fee
5. After the second semester many students fail
6. Most students want to continue and without realizing it they have paid their entire EMI just trying to pass their second semester
7. Many want to quit but they can’t. ICFAI sends them legal notice asking them pay their full EMI
8. No email, phone call, registered letter works. You are stuck in a legal system that says you should pay your complete EMIs
9. Most of us don’t want to participate a legal battle and end up paying the complete amount
10. For those who want to hire a lawyer and fight the battle in courts, ICFAI has professionals and legal agencies who will fight the case, almost for ever.
But what is really sad is…in spite of knowing all this, you would say, “I am different. I will work hard and get that degree. I know that if I wan it, I will get it.” That’s what I did and am still repenting.