Fee Protection Scheme (FPS)
STEi’s undertaking to have FPS:
STEi hereby confirms and undertakes to the Student that it has in place a Fee Protection Scheme as stipulated by the Council for Private Education (CPE) (the “FPS”) by way of an escrow account / insurance facility*.
PEI-appointed FPS provider : DBS BANK LTD
STEi hereby undertakes to the Student that as stipulated under the FPS, STEi shall collect fees in equal instalment amounts from the Student with each collection not exceeding the collection cap calculated according to the following formula*:
|(i) EduTrust-certified PEI (12-month)||X/z x 12 = (_______________)|
|(ii) Non-EduTrust-certified PEI (6-month)
(PEI is a member of the industry-wide course fee protection scheme under Enhanced Registration Framework)
|Y/Z x 6 = (_______________)|
|(iii) Non-EduTrust-certified PEI (2-month)
(PEI is not a member of the industry-wide course fee protection scheme under Enhanced Registration Framework)
|Y/Z x 2 = (_______________)|
X is the total amount of the payable Course Fees set out in Schedule 2.1;
Y is the course fees under the Enhanced Registration Framework; and
Z is the total duration of Course (in months) as stipulated in Clause 1.4.
Where FPS is in the form of escrow account:
A copy of the master escrow agreement between CPE, DBS Bank Ltd, The HongKong and Shanghai Banking Corporation Limited and Standard Chartered Bank (the “Master Escrow Agreement”) and acceded to by the PEI on [22nd December 2009] (see Master Escrow Agreement)
The Master Escrow Agreement sets out, among other things, the details upon which the PEI shall establish an escrow account with DBS Bank Ltd/ HongKong and Shanghai Banking Corporation Limited/ Standard Chartered Bank* (the “Escrow Account” with the “Escrow Bank”) for the purposes of receiving payment of the Student’s Fees and the circumstances in which the amounts in the Escrow Account shall be payable to the STEi and/or the Student.
STEi and the Student hereby agree that:
(i) The Student shall execute a student escrow confirmation in a form acceptable to the Escrow Bank (the “Student Escrow Confirmation”) within 2 working days of the date of this Agreement and deliver a copy of the same to the Escrow Bank within three (3) working days of it being so executed; and The Student shall pay the Course Fees directly into the Escrow Account on or before the dates specified in Schedule 2.1.