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The SPS (Student Protection
Scheme) serves to protect the international students' fees in the event a PEO
(Private Education Organisation)
is unable to continue operations due to insolvency and/or regulatory closure.
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It also protects the student if
the PEO fails to pay penalties or to return fees to students arising from
judgements made against it by the Singapore courts.
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There are two schemes under the
SPS that PEOs can choose:
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Student Tuition Fee
Account (Escrow) run by DBS Bank and HSBC |
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Tuition fees paid by the
students to the PEOs will have to be left in the custody of a third
party, in this case the CASE-endorsed banks, DBS Bank and HSBC,
participating in the Student Tuition Fee Account (Escrow) scheme. |
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When specified conditions
for its release have been met, the banks will disburse the tuition
fees on a regular basis to the PEO. |
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The disbursement will stop
if the PEO is unable to continue operations due to insolvency and/or
regulatory closure or if the PEO fails to pay penalties or to return
fees to students arising from judgements made against it by the
Singapore courts. |
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Student Tuition Fee
Insurance run by NTUC Income |
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The Student Tuition Fee
Insurance indemnifies students for their tuition fees paid in advance
to the PEO for the following events: |
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when the PEO is unable to continue
operations due to insolvency and/or regulatory closure or if the
PEO fails to pay penalties or to return fees to students arising
from judgements made against it by the Singapore courts, or
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Upon death or total permanent
disability of the student. |
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The number of insurance
companies and banks will be expanded in due course.
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With the launch of the new
initiatives under the Education Excellence Framework from 1 Dec 2004, all PEOs
will need to have the CaseTrust-endorsed SPS to offer school placement for
international students.
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From 1 Sep 2005, PEOs must achieve
all requirements of CaseTrust
for Education, in addition to SPS, if they intend to bring in
international students.
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PEOs who are yet to obtain the CaseTrust
for Education status after 1 Sep 2005 will not be able offer placement for
international students in their programmes in Singapore.
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CASE and SPRING Singapore will
help PEOs who fail the CaseTrust assessment to undertake the necessary
upgrading and to apply for re-assessment.
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More.....
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Source: Excerpted from EDB
Singapore Press Release 9 Sep 2004
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