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Financial Standing

Statement of Financial Standing

Provider details

Name : Australian Institute of Business and Management Pty Ltd
trading as King’s Own Institute
ABN : 72 132 629 979

Date of Statement of Financial Standing : 11/12/2019

Statement of Tuition Assurance

Tuition assurance protects students in the event a course provided by an approved FEE-HELP provider ceases to be provided after it starts but before it is completed.

As an approved higher education provider under the Higher Education Support Act 2003, Australian Institute of Business and Management Pty Ltd trading as King’s Own Institute (ABN: 72 132 629 979) must meet the higher education tuition assurance requirements or be exempt from those requirements.

New Tuition Protection Arrangements for HELP Students and Private HELP Providers from 1 January 2020

From 1 January 2020, the Australian Government is expanding the successful Tuition Protection Service (TPS) for international students to include similar protections for domestic students accessing HECS-HELP or FEE-HELP loan at a private education provider.

The new tuition protection arrangements will be sector-funded and underpinned by a sustainable provider levy framework. The levy framework – developed by the Australian Government Actuary – will cover the long-term costs of tuition assurance by requiring all non-exempt approved FEE-HELP or HECS-HELP providers to contribute annual levies commensurate with their size and risk.

In the event of a course or provider closure, HELP students will be supported to continue their studies in an equivalent course. Where continuation of study is not possible, students may be entitled to receive a loan re-credit for units of study commenced but not completed.

Further information on the new tuition protection arrangements will be available in early 2020.
For more information about TPS, click here

What happens if King’s Own Institute ceases to provide an eligible higher education course of study?

Information for affected students:

King’s Own Institute will notify affected students in writing that an eligible higher education course of study is no longer provided within 2 business days after King’s Own Institute ceases to provide the course.

As soon as practicable, King’s Own Institute will also update its website to reflect that the course is no longer being delivered and to give students information about the tuition assurance arrangements.

Affected students may choose either course assurance arrangements or a re-credit of their FEE HELP balance.

Course Assurance

The Commonwealth Department of Education and Training (the Department) (or a consultant engaged by the Department) will work with affected students to identify a replacement course and arrange for students to be placed with a second provider.

Replacement courses must meet the following requirements:

  • the course must lead to the same or comparable qualification as the original course;
  • the mode of delivery of the replacement course must be the same as or, with the student’s consent, similar to the mode of delivery for the original course;
  • the location of the replacement course must be reasonable, having regard to the costs of, and the time required for, a student’s travel; and
  • the student will not incur additional fees that are unreasonable and will be able to attend the replacement course without unreasonable impacts on the student’s prior commitments.

Affected students will be offered a replacement course and may seek a review about whether the course offered to them meets the requirements for replacement courses.

A student who accepts the replacement course offered will not be required to pay the second provider for the replacement components of the replacement course. However, the fees payable for the remainder of the replacement course may be different from the fees payable for the original course.

The student will also receive course credits for parts of the original course successfully completed by the student, as evidenced by a copy of a statement of attainment or other Australian Qualifications Framework certification document issued by the course provider or an authorised issuing organisation in accordance with the Australian Qualifications Framework.

Each affected student will have a period of six (6) months in which to accept the replacement course offer. The Department may extend that period in circumstances that justify an extension.

If an affected student enrols in a course that is not a replacement course, the student may be required to pay additional tuition fees, and might not receive the course credits the student would have received if the student had enrolled in a replacement course.

Re-credit of FEE-HELP balance

Where the student chooses the re-credit of FEE-HELP balance option, the Department (or a consultant engaged by the Department) will notify the student that he or she may apply to King’s Own

Institute to have their FEE-HELP balance re-credited for the affected parts of the original course. The student may nominate the Department (or a consultant engaged by the Department) to make the application on the student’s behalf.

King’s Own Institute will consider students’ applications as soon as practicable and notify them of the decision about the application, together with a statement of reasons for the decision. If an application for a re-credit is accepted, the amount re-credited will be equal to the amount of FEE-HELP assistance received by the student for the affected units of study.

Record keeping

It is suggested best practice for students to retain assessments, records of competencies or statements of attainment that they receive from their education provider.

In the event King’s Own Institute, as a result of the insolvency, ceases to provide a course of study in which a domestic fee-paying student is enrolled, The Independent Tertiary Education Council Australia (ITECA) will offer tuition assurance protection to these students. Contact details for ITECA are:

Mail: GPO Box 1939, Melbourne, VIC, 3011
Phone number: 1300 421 017

Tuition Assurance relates to that portion of a student’s tuition fees that were paid in advance of that tuition.

When an institution ceases to trade, students can request to continue their study in a comparable course with an alternative provider, or to discontinue with their studies and obtain a refund for the fees prepaid but unutilised.

The Australian Students Tuition Assurance Scheme (ASTAS) is underpinned by an Insurance Policy and all refunds are carried out in accordance with this policy. The Insurance Policy does not provide for the full refund of all fees as at the date of payment of those fees. Rather, the policy operates based on the effluxion of time, from the commencement of your enrolment to your expected completion date.  The policy will pay out the proportion of your course fees, calculated from the date of your provider’s insolvency. That is, the proportion of unutilised fees left as at the date of insolvency.  This effectively means that if you paid 100% of your course fees in advance and are half way through the time agreed for your course, you would receive 50% of your fees, subject to the other terms and conditions in the policy.

Statement of Tuition Protection Service (TPS)

The Tuition Protection Service or TPS is an initiative of the Australian Government to assist international students whose education providers are unable to fully deliver their course of study. The TPS ensures that international students are able to either:

  • Complete their studies in another course or with another education provider or
  • Receive a refund of their unspent tuition fees.

If King’s Own Institute cannot deliver the course a student has paid for, the TPS will help the student find another course with minimal disruption to their studies. If a student is unable to find a suitable alternative course, the TPS will refund the tuition fees that have been paid, for the part of the course that they have not yet received.

For more information about TPS, click here





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