Why you’ll love Public Trust’s Student Fee Protect
Our service was developed with input from training organisations, industry groups, and NZQA, so you can trust that it’s made to meet your needs.
Here’s why we think you’ll love it:
Our platform integrates with several student management systems (e.g. TAKE2, ENROLpro, Artena, SELMA), so you don’t have to double-up on data entry
All funds are government guaranteed, meaning security for your students
Save time on your audit: as a Crown entity, we’re already covered by external auditors, so you don’t need to cover us in your annual audit
A full suite of reporting tools to help you stay on top of getting documents signed and finances filed
Entirely browser-based, so you don’t need to download or learn any new software
Secure login, with https encryption
The ability to allocate funds to individual or multiple students, and issue receipts automatically
The platform is available 24/7 so you can work even outside of business hours
The system automatically calculates and makes direct payment of fees to the provider's designated bank account, as they are earned
We’ve also got an experienced team on hand to offer support throughout the process, whether you’re just signing up with us and want to know more about your options, or need someone to talk you through the program features.
Public Trust also provides training on the Fee Protect system - get in touch now to get started 0800 494 733.
Fee Protect meets the requirements of the NZQA Student Fee Protection Rules, and the Ministry of Education’s Code of Practice for the Pastoral Care of International Students.
Fees are held in Public Trust’s common fund. Capital and interest in the common fund is guaranteed by the New Zealand government. For information about this guarantee, read more here.
Choose how your fees are protected
Public Trust offers several fee protection options for training providers:
Standard Trust - used to protect fees for the whole course or the statutory refund period
Milestone Trust - a variation of the standard trust for condition dependent courses
Static Trust - where a lump sum is set aside to cover student fees
Bank Bond Trust - where you use your assets to cover your student fee obligations
These are all approved mechanisms under the current New Zealand Qualification Authority (NZQA) Student Fee Protection rules.
Most training providers use a Standard Trust, where each student's fees are paid into an individual student trust account. We hold the fees in trust and pay them to providers over the duration of the student's course, according to an agreed payment schedule.
The Standard Trust offers flexibility to pay fortnightly or monthly, and students can pay fees in multiple different methods. It also meets IRD criteria for successive supplies for GST purposes.
Where delivery of tuition can be affected by various conditions, providers can use the Milestone Trust option. This variation of a Standard Trust releases payments from individual student trust accounts as sections of the course (milestones) are completed.
Static Trust & Bond Trust
Under a Static Trust or Bank Bond Trust, a lump sum or bank bond is held securely by Public Trust to cover all expected student fees. This type of trust may suit a training provider whose student numbers are steady year round.
It may be used with a Standard Trust to protect fees for the statutory refund period. The Standard Trust may also be used to manage accommodation, living and insurance expenses.
The amount of cover (maximum liability) is recalculated each quarter, with supporting student details and the lump sum adjusted if necessary. For a bank bond, a significant freehold asset is required as a guarantee.
Find out more at the NZQA website Student Fee Protection