Payment Schedule & Methods | American Center for Education

Payment Schedule & Methods

1. Please DO NOT start paying the course fees (except for the application fee and miscellaneous fees) before signing the advisory note & student contract.

2. ACE protects student course fees (excluding the application fee and miscellaneous fees as indicated in the student contract and ACE website) by using the Escrow Scheme (Fee Protection Scheme-FPS). All the course fee payments should pay to ACE's DBS Escrow account directly. All parties or personals including ACE's valid agents or Education Consultants or finance/non-finance staffs are strictly NOT allowed to collect any course fee payments under the Escrow Scheme.

3. The maximum duration of the course fees to be paid to ACE's DBS Escrow account is 12 months (under EduTrust license), 6 months (without EduTrust license under IWC insurance) or 2 months (without EduTrust license or IWC insurance). If the course duration is more than 12/6/2 months, the payments could be done in every 12/6/2 months' installment pattern. You can refer to your student contract details for the payment schedule (one of the 12/6/2 months' patterns). The each of the following installments shall be paid within one week before the due date of each installment.

a. By using the Escrow Scheme, the students and parents will be notified clearly that they can only transfer the course fee payment to ACE's DBS Escrow account after the students have signed the advisory note and the student contract.

b. After the student contract has been signed, the Finance & HR Department will prepare the Student Escrow Confirmation (SEC) and send it to the bank.

c. The bank will send an Acknowledge Slip (AS) to ACE upon the confirmation of the successful opening of the Student Escrow account.

d. Upon receipt of the AS, ACE will prepare the payment Voucher (PV) and send both the SEC and PV to inform the student of the successful opening of the escrow account as well as the payment schedule.

e. The Student will pay to the bank directly (cheque, cash, TT) according to the Payment voucher issued by ACE.

f. The Bank will issue an AS upon receiving the Student's scheduled payments.

4. Please contact ACE's finance department (Email: finance@ace.edu.sg, Tel: +65 6222 7577) to guide you to make the transfer payment to ACE's DBS Escrow account.


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