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Fee Protection Scheme

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.

The Certificate of PEI Escrow Establishment as follows:
Certificate of PEI Escrow

The Master Escrow Agreement dated 22 December 2009 as follows:
Master Escrow Agreement

Currently, Nanyang Institute of Management (NIM) has in place a Fee Protection Scheme as stipulated by the Committee for Private Education(CPE) by way of an Escrow account. NIM’s appointed FPS provider is Development Bank of Singapore (DBS). 

The Escrow Account Information as follows:

Escrow Account Name       (Escrow 帐户名) Nanyang Institute of Management STFA (Escrow)
Escrow Account No.      (Escrow帐号) 003-901547-0

Fee Protection under the Escrow Scheme

Under the escrow scheme, PEIs are not allowed to collect any money from their students. Instead, the students are to deposit all their fees into the escrow bank account which their PEI has opened with any one of the CPE-appointed banks. Funds in the account are disbursed to the PEI on a regular basis only if specific conditions are met.

What Fees are protected?

EduTrust-certified PEIs are required to adopt the FPS to provide full protection for all fees paid by their students. Fees refer to all monies that are paid to the PEI by the student to be enrolled in the PEI.

The following fees are exempted from the FPS, if collected by the PEI:

1.     Course application fee
2.  Prevailing Goods and Services Tax (GST)
3.  Miscellaneous fees (any non-compulsory fees and pay only when applicable)
4.  FPS insurance premium
5.  Examination fees collected less than 2 months before examination date

Re-module fees and Exemption fees, if collected, have to be protected.