As reported in the Joongang Daily newspaper, Koreans who cancel their registration for the GMAT (Graduate Management Admissions Test) will receive larger refunds soon. Korea’s Fair Trade Commission announced that the Graduate Management Admission Council, a Virginia-based organization that manages the tests, has agreed to raise the percentage of registration fees that local applicants can get back if they bail out of the test, whatever the reason. Starting in November, individuals who cancel their exam at least seven days in advance will get back 60 percent of their $250 registration fee. Those who cancel closer to the test will receive a 20 percent refund. Under the current policy, Koreans receive a 32 percent refund if they cancel more than seven days in advance, and no refund if they cancel closer to the test.