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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.
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,) and GST.
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.
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.
Inspiration Design International School adopted DBS Bank Ltd as the ESCROW bank. It is applicable to all local and international students.
- Certificate of PEI ESCROW Establishment
Students can verify if his/her school fees are protected under the FPS through the CPE website
For students who are under FPS in the form of Escrow account, they must pay their fees (in Singapore currency) into the Escrow account through the following methods:
1) SGD crossed cheque
2) Cashier's order
3) Bank draft
4) Telegraphic Transfer
5) DBS/POSB ATM (only applicable to DBS Escrow account)
6) DBS Internet Banking
The private education institution must purchase medical insurance coverage for all its
students to cover them for hospitalisation and related medical treatment throughout their course duration. The following students can choose to opt out of the medical insurance scheme if they can show that they are already covered by their own medical insurance:
- Singapore citizens, permanent residents and international students not on the Student's Pass, and
- Students under corporate sponsorship or corporate agreement signed between the private education institution and the sponsor organisation.
Medical insurance is not applicable to part-time students and students taking courses with a duration of not more than one month or 50 hours.
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