What is the Fee Protection Scheme (FPS)?
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.
ISS Fee Protection Scheme
This is a requisite stipulated by the Council of Private Education (CPE) for Enhanced Registration Framework (ERF) and EduTrust Schemes under the Private Education Act 2009. The School has since its registration with the CPE as a Private Education Institution (PEI) adopted the Fee Protection Scheme (FPS) in AY2011/12.
The FPS serves to protect students’ fee in the event a PEI is unable to continue operating due to insolvency, and/or regulatory closure. The FPS also protects students if the PEI fails to pay penalties or return fees to the students arising from judgement made against it by the Singapore courts.
ISS International School Pte Ltd has appointed AXA Insurance to be the FPS provider for our students. The insurance coverage protects the entire course fee.
Fee Protection Under Insurance Scheme
Under the fee insurance, ISS will purchase insurance protection from AXA Insurance for students whose fees have been fully paid. The premium is subject to GST and calculated based on 1% of the Tuition Fee and Development Fee. The FPS insurance premium is payable by the students and will be billed together in the Tax Invoice for Tuition Fee and Development Fee.
ISS is to ensure that students are advised of the insurance premium. Existing students and parents have received a letter from the Head Master informing them about this new fee. New students and parents will be advised by the Admissions Department upon enrolment. The Certificate of Insurance (COI) will be emailed by AXA Insurance to the students via the email address provided. The students are required to retain a copy of the COI.
Since the course fee is billed and collected on per semester basis, there will be 2 instalments. As such, the FPS insurance premium will also be in 2 instalments.
Illustration of FPS Insurance Premium Calculation for 1 Instalment:
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FPS Premium (1% of course fee)
S$128.00 (excludes GST)
S$136.96 (includes GST, amount payable)
Click here to view ISS Fee Protection Scheme Certification