Refund policies are at the discretion of the instructor. There is no official Maven refund policy.
You can issue student refunds directly from your Stripe account.
Instructors can issue partial or full refunds.
Stripe will keep a 2.9% +.30 fee on all refunds.
Should I provide a refund?
Refund policies are up to the instructor. We strongly recommend sharing a written refund policy as an FAQ on your landing page so that you have something to reference with students should they ask for a refund. You may choose to offer full or partial refunds before, during, and after your cohort. Here are some commonly used refund policies:
Full refund up to the start of the cohort.
Full refund within X amount of days after the cohort.
50% refund if requested before the halfway point of the cohort, 25% if requested three-quarters of the way through, etc.
No refunds, but students have the option to defer to later cohorts, etc.
No refunds after the first day of the course.
Instructors use a wide variety of refund policies; you should use the one that feels most comfortable for you and considers the needs of your students. Writing your refund policy on your landing page helps students know your policies before they sign up for your cohort.
If you chose to offer a refund, Maven will also provide a refund of its 10% fee. Stripe will keep its 2.9% + $.30 fee per transaction, even on refunds. So, if your course is $1,000 and you issue a full $1,000 refund to your student, $970.70 will come from you and Maven. The remaining $29.30 (Stripe's 2.9%+30¢ fee) will come out of your Stripe balance. That means you'll have a -$29.30 balance in your Stripe account.
How to issue a refund
In your Stripe account, find the payment you're looking to refund. It's easy to find by searching the email address of the student you're issuing a refund to. Click into the payment.
In the top right of corner the payment information window, there's a Refund button.
Clicking the refund button creates a modal that gives you the ability to refund a specific or full amount. You can also indicate a reason for issuing the refund. Please be sure to select "refund the application fee" (this is Maven's 10% fee).
Once you've issued the refund, you can let the student know that they will receive the refund in 5-10 business days.
If you've already been paid out from Stripe and your account balance is $0 or less than the refund amount, you will either need to:
deposit more funds into your account
authorize Stripe to take funds from your linked bank account to cover the refunded amount.
Your student's refund may be delayed if you do not have enough funds to cover the refund amount. If you need help ensuring that your Stripe account has enough funds to issue the refund, you can contact Stripe support.
When Maven is collecting payments on your behalf
If Maven is collecting payments on your behalf, email [email protected] requesting the student refund. Please include the student's email address, the amount that should be refunded, and the reason for refunding.
If you have any additional questions about refunding students, reach out to [email protected]. If you're a student looking for a refund, please be sure to email the course instructor directly.