Yes, Job Guarantee means Money-Back if the student does not get a job.
There is big difference in 2 words Assurance and Guarantee.
Assurance means that the institute will help you in attaining job but if you don’t then there is no term they promise to refund your money back.
Whereas Guarantee means if you don’t get a job after the course then the institute promises you on a written note to refund your money.
Obviously there are terms to the Job Guarantee that both the student and the institute has to agree upon.