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Fee Protection Scheme and FAQs
FAQS1. What is Fee Protection Scheme?
The Fee Protection Scheme (FPS) serves to protect students' fees in the event a private education institution is unable to continue operating due to insolvency, and/or regulatory closure. The Fee Protection Scheme also protects students if the private education institution fails to pay penalties or return fees to the students arising from judgement made against it by the Singapore courts.
EduTrust-certified private education institutions are required to adopt 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 charges for credit card payment etc,). FPS applies to all courses with duration more than one month or 50 hours. The amount of FPS fee payable will be indicated clearly in the Standard PEI-Student Contract.
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. Amity Global Business School adopts escrow scheme .
2. What is Fee Protection Scheme under Escrow Scheme?
Under the Escrow scheme, private education institutions are strictly not allowed to 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).
Amity Global Business School adopts DBS Escrow Scheme.