Fee Protection Scheme and FAQs

 

Under the EduTrust Certification scheme, all EduTrust-certified Private Education Institutions are required to adopt the Fee Protection Scheme (FPS) to provide full protection to all fees paid by their students. (Students may refer to the website link of Council of Private Education:(www.cpe.gov.sg)

Spring College International adopts a combination of insurance scheme and escrow scheme to protect its students’ fees. The insurance service is provided by Lonpac Insurance BHD while the escrow service is provided by DBS Bank Limited.

All course fees (exceptions explained in FAQ 1) are required to be covered by FPS insurance or deposited into the FPS Escrow Account. Student is required to pay six months of the fees at the first payment. Second and subsequent payments of the balance will be collected in six monthly intervals.

Payment Methods:

1. FPS Insurance: Cash, cheque, NET or Telegraphic Transfer to SCI. SCI will buy insurance for the student on the same day.
2. FPS Escrow: Cash, cheque or Telegraphic Transfer to be deposited into DBS Escrow Account

   * All payments must be in Singapore dollars.

Details on implementation of FPS

1. Insurance Scheme:

• Students will pay FPS fees together with course fees.
• SCI will purchase insurance from Lonpac Insurance upon collection of fees.
• Students will receive the insurance certificate via email from the insurance provider. Students may also check the CPE website to verify that they are protected under FPS (details to be provided by CPE).

For SCI’s FPS Insurance Policy, click here.

2. Escrow Scheme:

• Student will be given SCI’s DBS Escrow account number and relevant documents,
• Student will go to DBS bank to deposit course fees into SCI’s Escrow account.
• Students will receive a confirmation letter via email from the bank. Students may also check the CPE website to verify that they are protected under FPS (details to be provided by CPE).

For SCI’s FPS Escrow Certificate, click here.

FAQS

1. 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,) and GST. 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. 

Spring College International (SCI) adopts a combination of escrow scheme and insurance 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);
• Hongkong and Shanghai Banking Corporation (HSBC); and
• Standard Chartered Bank (SCB). 

SCI adopts DBS Escrow Scheme.

3. What is Fee Protection Scheme under 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 private 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 Hongkong and Shanghai Banking Corporation (HSBC) Insurance Singapore and Lonpac Insurance Bhd.

SCI adopts Lonpac Insurance Scheme.