Please wait...Fee Protection Scheme (FPS)
With the introduction of the Private Education Bill, all students' fees will be insured under the Fee Protection Scheme (FPS). The FPS serves to protect the international and local student’s fees in the event that a PEI is unable to continue operations due to insolvency and/or regulatory closure. Furthermore, the FPS protects the student if the PEI fails to pay penalties or to return fees to students arising from judgments made against it by the Singapore Courts.
CSM Academy International has put in place a combination of Escrow Scheme and Insurance Scheme with Hongkong and Shanghai Banking Corporation (HSBC) Insurance Singapore respectively as its FPS for international and local students.
The Fee Protection Scheme to provide full protection to all fees paid by their students. All fees refer to all monies paid by the students to be enrolled in a private education institution, excluding the course application fee, agent commission fee (if applicable), miscellaneous fees (non-compulsory and non-standard fee paid only when necessary or where applicable; for example, the re-exam fee or changes for credit card payment etc,) and GST.
All students who are enrolled at CSM Academy International are required to enter into a Standard Private Education Institution-Student Contract. They will be briefed on the contract before they sign it. All course fees paid will be protected under the Fee Protection Scheme (FPS)
Private education institutions can choose to adopt either the escrow scheme, insurance scheme, or a combination of both to provide fee protection to all their students.
Fee Protection under the ESCROW Scheme
Under the escrow scheme, private education institutions are strictly not allowed to collect any money from their students. Instead, the students are to deposit all their fees into the escrow bank account which their private school has opened with any one of the Council for Private Education-appointed banks. Funds in the account are disbursed to the private education institution on a regular basis only if specific conditions are met.
The Council for Private Education-appointed banks include the:
• Development Bank of Singapore (DBS)
• Hongkong and Shanghai Banking Corporation (HSBC); and
• Standard Chartered Bank (SCB)
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Fee Protection under the Insurance Scheme
Under the fee insurance scheme, private education institutions will purchase insurance protection from any one of the Council for Private Education-appointed insurance companies for every one of their students to protect their fees.
Students studying in an EduTrust-certified education institution need to pay fees of up to a maximum of 12 months of their course duration to their private school. The Council for Private Education-appointed insurance companies are HSBC Insurance and Lonpac Insurance Bhd.
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