| FAQ |
Response |
| What is the ESOS Assurance Fund? |
The ESOS Assurance Fund (the Fund) has been established to protect the interests of current and intending overseas students of registered providers. It does this by ensuring that students are provided with suitable alternative courses, or have their course monies refunded, if the provider cannot provide the course(s) for which the student has paid. |
| What are my obligations in regards to becoming registered on CRICOS? |
Where a provider is planning to offer courses to students studying in Australia on student visas, they must be registered on CRICOS. In order to become registered there are a number of legislative requirements that must be met. One such requirement is to become a member of the Fund by paying your first annual contribution. In addition, you will be required to have Tuition Assurance Scheme (TAS) membership or an approved Bank Guarantee, Indemnity Agreement or Ministerial Exemption.
For additional information on Tuition Assurance alternatives please liaise with your DEEWR contact or visit www.dest.gov.au/esos. Please ensure that you have obtained your Tuition Assurance membership or alternative prior to contacting the ESOS Assurance Fund. |
| What is the difference between a Tuition Assurance Scheme (TAS) and the ESOS Assurance Fund? |
In the instance that a provider, who is a member of a TAS, is unable to provide the course(s) their students are enrolled in, the TAS will attempt to place these students into an alternative course at one of their member providers. If this is not possible, there may be a call on the ESOS Assurance Fund. In this event, the Fund Manager will provide the student with a suitable alternative course, or failing that, a refund of course monies.
Contact details for the various TAS operators can be found at Tuition Assurance Schemes. |
What is the process of becoming a member of the Fund? |
The first step of the process is to complete a Request For Information (RFI) form.
This form can be obtained from the above link or by contacting the Fund. The RFI form requires details such as name, ABN and type of TAS or alternative coverage you have obtained. The form will also request an estimate of your overseas student fee income for the period 1 January 2008 to 31 December 2008. Once you have returned this form to the Fund team, you will then be issued with an invoice for your 2008 contribution to the ESOS Assurance Fund. |
| How is my 2008 Contribution calculated? |
Base Premium: a fixed amount paid annually by all providers. For the 2008 year the base premium is $510.
Additional Premium: the applicable additional premium rate multiplied by your estimated overseas student fee income for the 2008 year. The applicable additional premium rates are based on your Primary Assurance Mechanism as follows:
- Tuition Assurance Scheme Member – 0.075%
- Indemnity Agreement – 0.075%
- Bank Guarantee – 0.075%
- Ministerial Exemption – 0.75%
For further information see the 2008 Contributions Criteria. |
| How can I pay my 2008 contribution to the Fund? |
Payments may be made either by cheque or by direct debit to the Fund’s bank account. The necessary details are provided on the invoice that will be sent out to you. It is requested that no payments are made until a copy of the invoice is received. |
| What happens once I pay my initial contribution to the Fund? |
Once payment for your 2008 contribution is received, a member of the Fund will notify the Department of Education, Employment and Workplace Relations (DEEWR). They will ensure you have met all other legislative requirements and may then finalise your registration on CRICOS. |
| What are my future obligations as a member of the Fund? |
Once payment of your 2008 contribution is made, you are covered by the Fund until 31 December 2008. In February 2009, you will receive an information pack requesting your actual overseas student fee income for the 2008 calendar year and your estimated overseas student fee income for the 2009 calendar year. If the actual figures for 2008 differ from your initial estimate, the necessary adjustment will be incorporated into your 2009 contribution to the Fund.
If you have any further queries please contact the Fund Manager’s team. |
