Fee Protection Scheme
Introduction to the Fee Protection Scheme (FPS)
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.
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.
The interest level in the escrow scheme however, has remained consistently low as compared to the insurance scheme, which is the primary scheme for FPS. In view of weak market demand, DBS Bank Ltd has decided to exit the escrow scheme upon expiry. Thereafter, with effect from 30 November 2017, insurance will remain as the primary scheme for FPS to ensure sustained protection of student course fees.
- Insurance Scheme
Beacon International College (formerly known as Beacon School of Technology) has entered into a master insurance agreement between CPE and Lonpac Insurance Bhd for the purpose of insuring, among other things, the student. A copy of the Insurance Certificate can be found here.
For more information on the FPS, please visit the CPE Website.
Upon enrolment all international students are required to enter into a PEI-Student Contract that is legally binding between Beacon International College (formerly known as Beacon School of Technology) and the student.
Please read the content of the contract carefully before signing.
If you have any questions regarding the PEI-Student Contract please contact us at firstname.lastname@example.org.
- Insurance: Student will receive a Fee Payable stating the amount of the course fees that student has to pay. Payment modes accepted are: cash, ATM, cheque, Bank draft and TT. Student will receive a Certificate of Insurance (COI) as evidence of FPS coverage after payment is made.