To comply with the requirements of EduTrust, the FPS is implemented to cover both local and international students for course fees payment. The Fee Protection Scheme (FPS) serves to protect the students’ fees in the event a Private Education Institution (PEI) is unable to continue operations due to insolvency, and/or regulatory closure. Furthermore, the FPS protects the student if the PEI fails to pay penalties or return fees to the student arising from judgments made against it by the Singapore courts.
There are two schemes that a Private Education Institution can choose from – the Escrow Scheme and the Insurance Scheme.
FPS at Stalford Academy
Stalford Academy employ the Insurance Scheme to provide full protection to all Course Fees paid by our students. Application Fee is excluded from the FPS. Miscellaneous Fees are also excluded from the FPS unless otherwise stated in Schedule C of the Standard Student Contract.
The payment modes for Course Fees are as follow:
- Cash, NETS, cheque or TT* payable to Stalford Academy and collect FPS insurance cover note on the same day.
Insurance Scheme at Stalford Academy
Stalford Academy shall purchase fee protection insurance within 7 working days from the date of receipt of fees from the student. The insurance coverage shall commence from the date of payment of the fees till the due date of the next payment or the course end date, whichever is earlier. Private education institutions will purchase insurance protection from any one of the Committee for Private Education-appointed insurance companies for every one of their students to protect their fees. The Committee for Private Education (CPE) is part of SkillsFuture Singapore (SSG). Stalford Academy is using the services of The Lonpac Insurance Bhd, one of the service providers for FPS appointed by CPE. Below is the official certificate for the fee protection scheme insurance purchased by Stalford Academy.
Stalford Academy’s FPS Insurance Policy No.: Z/19/BM00/000820