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. The FPS also 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.
AIC adopts the insurance scheme to provide fee protection to all students (except for students receiving tuition grant from SSG for WSQ qualifications listed in CPE’s waiver list or any other courses that has been granted waiver from CPE. However, the school will still purchase FPS for students whom have received tuition grant as and when directed by the management).
All Fees Paid by Students are Protected under the FPS.
- AIC will not collect course fees of more than 12 months from student.
- AIC will buy the insurance within the seven (7) working days when course fee is paid. For non-cash collection, the insurance effect date will be when the course fee is credited to the AIC’s bank account and the insurance will be bought within seven (7) working days after the course fee is credited into AIC’s account.
- The insurance coverage shall commence from the fee payment date till the next payment due date or the course end date (whichever applicable based on instalment schedule).
- The student will be notified of the insurance purchase through email by the insurer.
- A daily FPS Purchase report is generated to monitor that FPS is purchased for all relevant students.
- AIC will keep soft copy of students’ FPS data and FPS certificates, to ensure that it is readily retrievable when requested.
- For deferment cases, FPS will be extended to cover the extended period (if applicable).
