Fee Protection Scheme
Under the Fee Protection Scheme (FPS), PSB Academy had put in place the insurance arrangement to ensure that fees paid by students to the school are insured by a CPE-appointed service provider. The insurance protection 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.
The FPS is compulsory for all local and international students taking courses in PEIs with EduTrust certification. FPS applies to all courses with course duration of more than one month or 50 hours. FPS insurance premiums are paid by PSB Academy, unless otherwise stated in the Student Contract which has to be paid by the student separately.
Fee Protection Scheme by Insurance Arrangement
The following provides details on implementation of FPS.
- Students will pay FPS fees as stated in and upon signing the contract with PSB Academy.
- PSB Academy will purchase insurance within 7 working days upon collection of fee through application system of insurance provider.
- Students will receive the insurance certificate via email from the insurance provider.
- The insured period will commence from the date of payment of the 1st instalment of course fees and covers the entire duration of the programme as stated in the course outline/schedule provided during admission.
- Students who seek deferment or re-enrolment resulting in extension of the programme duration will have to pay additional premium for the course fees applicable to the extended period.
- Click here to view the Fee Protection Scheme Insurance Certificate. For more information on FPS, please visit www.cpe.gov.sg