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.

Where a provider intends to offer courses to students studying in Australia on student visas, the provider 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 the TAS’s and other alternatives please liaise with your DEEWR contact or visit http://aei.gov.au/AEI/ESOS/Tuition_Assurance_Scheme.htm.  

Please ensure that you have obtained your Tuition Assurance Scheme membership or alternative prior to contacting the ESOS Assurance Fund.

Contact details for the various TAS operators can be found at Tuition Assurance Schemes.

This form can be obtained from the above link or by contacting a member of the Fund team.  The RFI form requires details such as the name of the provider, ABN and type of TAS or alternative coverage obtained.  The form will also request an estimate of overseas student fee income for the period 1 January 2010 to 31 December 2010.  Once this form is returned to the Fund team, the provider is issued with an invoice for their 2010 contribution to the ESOS Assurance Fund.

Additional Premium: the applicable additional premium rate multiplied by your estimated overseas student fee income for the 2010 year.  The applicable additional premium rates are based on your Primary Assurance Mechanism as follows:

• Tuition Assurance Scheme Member – 0.189%
• Indemnity Agreement – 0.189%
• Bank Guarantee – 0.189%
• Ministerial Exemption – 0.190%

For further information see the 2010 Contributions Criteria.

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.

Once payment for your 2010 contribution is received, a member of the Fund team 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.

Once payment of your 2010 contribution is made, you are covered by the Fund until 31 December 2010.  In February 2011, you will receive an information pack requesting your actual overseas student fee income for the 2010 calendar year and your estimated overseas student fee income for the 2011 calendar year.  If the actual figures for 2010 differ from your initial estimate, the necessary adjustment will be incorporated into your 2011 contribution to the Fund.

If you have any further queries please contact the Fund Manager’s team.