Fee Protection Scheme-FPS
The Fee Protection Scheme (FPS - the Fee Protection under the Escrow Scheme or the Fee Protection under the Insurance Scheme) serves to protect students' course 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 judgment made against it by the Singapore courts.
The private education institutions with EduTrust license are required to adopt the Fee Protection Scheme to provide full protection to all course fees paid by their students. All course fees refer to all monies paid by the students to be enrolled in a private education institution, excluding the course application fee, 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,), GST and others being defined.
ACE is adopting the FPS Escrow Scheme at the moment to provide fee protection to all the students. ACE has entered into the Agreement with DBS bank to provide the Escrow account to receive the course fees paid by the Students.
Only after signing of the advisory note and student contract, the student is allowed to pay to ACE's Escrow account. No course fees are allowed to pay to ACE's operating bank account except for the part time course fees which are not required to be protected by the FPS.
1. The FPS is mandatory for both part-time and full-time students. Students studying in an EduTrust-Certified private education institution need to pay course fees of up to a maximum of 12 months of their course duration.
2. Under the FPS Escrow Scheme, please ensure that you are paying the entire course fees to ACE's Escrow account. For application fees and miscellaneous fees, please pay to ACE's operating bank account.
3. Should you need more information with regards to this Fee Protection Scheme (FPS), please refer to The Committee for Private Education (CPE)'s website (www.cpe.gov.sg) for more information. Alternatively you may call CPE at +65 6592 2108 for more information and enquiries.
4. To check and monitor the status of your protected course fees, please refer to the Committee for Private Education (CPE)'s official website (www.cpe.gov.sg) under the Fee Protection Monitoring Module.