Students need to pay their tuition fees to an ESCROW account, as stipulated by our Singapore Government. But, what is ESCROW?
What is an ESCROW?
An ESCROW is a form of account held by the third party into which tuition fees is deposited and held in custody by the third party, until specified conditions for its have been met.
Why need Student Tuition Fee Account (ESCROW)?
The Student Protection Scheme (SPS) serves to protect the student's fees in the event a Private Education Organization (PEO) is unable to continue operations due to insolvency, and/or regulatory closure. Furthermore it protects the student if the PEO fails to pay penalties or return fees to student arising from judgments made against it by Singapore Courts.
What types of fees will need to be paid to the Student Tuition Fee Account (ESCROW)?
Only the tuition fees have to be paid into the Student Tuition Fee Account (ESCROW). Tuition fees means the gross payment (before any commission may be deducted) relating to all costs of a course paid by an international student. Other fees such as accommodation expenses, examination fees and administrative fees do not have to be paid into the Student Tuition Fee Account (ESCROW). All applicants must enter into a student contract and Student protection scheme upon admission into Kingston International School.
Modes of Payment for ESCROW (Singapore Dollars only)
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Cheque
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Cash
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Telegraphic Transfer
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Demand Draft
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Cashier's Order
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