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Student Finance Assistance Scheme The Student Finance Assistance Scheme (SFAS) is a means-tested scheme which provides financial assistance to registered full-time students of the Hong Kong Shue Yan College (presently known as the Hong Kong Shue Yan University) who have enrolled in the 2000/01 academic year or before in respect of a full-time four-year diploma course. Please note that registered full-time students of the Hong Kong Shue Yan College (presently known as the Hong Kong Shue Yan University) enrolled in the 2001/02 academic year or after should only apply for financial assistance under the Financial Assistance Scheme for Post-secondary Students. Starting from 2005/06 academic year, this Agency has stopped receiving SFAS applications.
Loans and the interest shall be repaid in full by equal quarterly instalments within 4 years after graduation. If the payment of any instalment is delayed by 7 days or more, the student will be required to repay a surcharge of 5% on the amount in arrears. If a student does not comply with the conditions of the undertaking, such as failure to complete the 4-year full-time diploma course, then all the financial assistance provided including grant, loan, interest, surcharge and any other outstanding amount will have to be repaid in one lump sum. You can repay the loan by one of the following methods: Repayment in cash or by cheque To repay financial assistance in cash, please pay together with the whole demand note(s) in person at any of the office of the Hongkong Post. The upper portion of the demand note will be receipted and returned to the payee. You can choose to repay financial assistance by cheque, cashier orders and bank drafts which should be in Hong Kong Dollars, made payable to the Government of the Hong Kong Special Administrative Region and crossed. Post-dated cheque will not be accepted. You can pay by either:
Repayment by Payment-by-Phone Services (PPS) or Automated Teller Machines To repay financial assistance by PPS, you have to first register either through a PPS Registration Terminal or by tone phone (if you are already a PPS user). Please enter the 12-digit PPS reference number at the top of the demand note for making repayment. Each demand note has to be registered and settled by phone individually. The Merchant Code for Student Financial Assistance Agency is "44". No receipt will be issued for payment through PPS. Repayment can be made through the Automated Teller Machines (ATMs) affixed with the signage of "Bill Payment Service" of the Hong Kong and Shanghai Banking Corporation Limited and the Hang Seng Bank Limited or with the signage of "Jet Payment" of other Banks. Please enter the 12-digit PPS/ATM reference number shown on the top right corner of the demand note for making repayment. No receipt will be issued for repayment made by ATMs. Please keep the ATM payment slip for your own record. Repayment by internet online payment services or through autopay Repayment can be made through the internet online payment services in the Internet. For details, please refer to the following websites:
To apply for repayment of financial assistance by autopay, you can obtain a Direct Debit Authorization (DDA) Form from our Agency in person or ring us at 2150 6226. A DDA form will be sent to you by mail as soon as possible upon request. Separate DDA form is required for each loan account. Completed DDA form should be returned to the bank where your account was opened. While your application is being processed, please have your demand note settled by other payment methods until the payment code "06" appears on your demand note. Normally, you have to allow a period of 10-12 weeks before the authorization can take effect. Repayment in a lump sum To apply for repayment of financial assistance in a lump sum, you may either:
For application by fax, the date and time of fax received by the Agency will be treated as the date and time of application. For application by post, the postmark date on the envelope will be regarded as the date of application. Please note that all applications for lump sum repayment must be applied in-person or by your appointed representative, or submitted in written form. No telephone request would be entertained. SFAS recipients, who encounter difficulties in repaying the financial assistance due to further studies on full-time courses, financial hardship, unemployment or serious sickness, may apply to the Agency for deferment repayment. Application forms are available at the Agency, and can be downloaded from the website. If you move from your present address of from any other address into which you may subsequently move before you have fully repaid the loan and interest, you are required to notify the Agency in writing immediately and without fail, give full particulars of your new address; failing which you will be liable to repay the 5% surcharge imposed for overdue repayment because of non-delivery of the demand notes sent to your last known address. If you wish to apply for a change of address during loan repayment, please complete the notification at the back of the demand note and return it to the Agency. Or you may send in a letter which should include your name, HKID Number, name of institution, contact telephone number, address in English and address effective day. Please send this letter to the Student Loan Unit by mail or by fax at 3102 1257. |
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