The Non-means Tested Loan Scheme for Post-secondary Students [for full time students who are covered under the Financial Assistance Scheme for Post-secondary Students (FASP)] Aim Interest and Administrative Fee Eligibility How to Apply Payment of Administrative Fee upon Application Maximum Level of Financial Assistance under the NLSPS Notification of Result Payment of NLSPS Loan Application for Second NLSPS Loan/Cancellation of NLSPS Loan Change of Personal Particulars Loan Repayment Deferment of Repayment Quarterly Repayment Calculator Statistics Aim The Non-means Tested Loan Scheme for Post-secondary Students (NLSPS) provides financial assistance in the form of loan(s) to eligible students covered under the Financial Assistance Scheme for Post-secondary Students (FASP) to meet their tuition fees, academic expenses and basic living expenses. For students who are eligible under the Tertiary Student Finance Scheme - Publicly-funded Programmes (TSFS), please click here to view the details of the Non-means Tested Loan Scheme. For students who are not covered under the TSFS and FASP, please click here to view the details of the extended Non-means Tested Loan Scheme. Interest and Administrative Fee The NLSPS operates on a full-cost recovery basis. Interest is charged at the Government of the Hong Kong Special Administrative Region (the Government)'s no-gain-no-loss rate which is currently set at 2.451% below the average best lending rate (BLR) of the note-issuing banks, plus a risk-adjusted factor which seeks to cover the Government's risk in disbursing unsecured loan once the loan is drawn down and throughout the repayment period until the NLSPS loan is fully repaid. The Director of Accounting Services will review the no-gain-no-loss interest rate by the end of each month according to any changes in the average BLR in the month and will adjust the rate with effect from the first day of the following month. Please refer to What's New for the current NLSPS interest rate. An administrative fee, to cover the full costs of processing and administering the NLSPS loan(s), is chargeable for each application: 　 The administrative fee is chargeable as from the submission of the first application and annually thereafter until the NLSPS loan(s) and the interest accrued thereon are fully repaid. The administrative fee will be charged on each loan account on an academic year basis. The administrative fee for the coming academic year is payable on 1 October each year. If there is any unsettled balance under the loan account on or after 1 October, the administrative fee for the coming academic year will be chargeable and will be demanded for payment in the demand note with due date falling on 1 January next year. 　 The administrative fee is a fixed fee and will not be charged on a pro-rata basis nor divided by instalments. Administrative fee paid is not refundable nor transferable 　 Under normal circumstances, loan recipients will not receive any demand note before commencement of loan repayment. Thus, the administrative fee(s) charged during the study period will be demanded for settlement in the first demand note with due date falling on 1 January of the year following the graduation of the loan recipient. In such circumstances, loan recipients may be required to settle administrative fees for more than one year in the first demand note. 　 The administrative fee is subject to review regularly. The administrative fee payable in the 2008/09 academic year for applicants of the NLSPS is $180. Separate loan accounts will be created on a course basis for applicants who obtain loans for two or more courses. The interest and administrative fee will be calculated separately for each account. Request for merging loan accounts of different courses will not be acceded to. If an applicant obtains loans under the NLSPS as well as other loan scheme(s) administered by the Student Financial Assistance Agency (the Agency) in respect of the same course, separate loan accounts will be created under the respective loan scheme(s). Interest and administrative fee will be calculated separately for each account. Request for merging loan accounts of different schemes will not be acceded to.

Eligibility

You may apply for the NLSPS loan if you:-

	are a registered full-time student, aged 25 or below (i.e. born on or after 1 September 1982);
	are engaged in full-time locally-accredited self-financing post-secondary education programmes leading to a qualification at sub-degree level or above;
	(i) for students engaged in a sub-degree programme, have not obtained any qualifications at sub-degree or above@; or (ii) for students engaged in a top-up degree programme§, have not obtained any qualifications at degree level or above, and have obtained a locally-accredited sub-degree qualification (including all the sub-degree programmes covered by FASP and TSFS); or (iii) for students engaged in a degree programme, have not obtained any qualifications at degree level or above, and if you are in possession of a sub-degree qualification§, such qualification must be a locally-accredited sub-degree qualification (including all the sub-degree programmes covered by FASP and TSFS);
	have the right of abode in the Hong Kong Special Administrative Region (Hong Kong) or have resided or have had your home in Hong Kong continuously for 3 complete years immediately prior to the commencement of the course. This does not cover students staying in Hong Kong holding student visas; and
	your eligibility is restricted to only one eligible full-time course in any particular academic year.
	Full-time students of exclusively University Grants Committee-funded or exclusively publicly-funded places covered by the TSFS are not eligible for assistance under the NLSPS.
	Even if you are eligible under the above circumstances, the Controller, Student Financial Assistance Agency (C, SFAA) reserves the right to require you to submit supplementary documents/information on individual merits; and the final approval of your NLSPS application will still rest with the C, SFAA.
@	You should use Application Form [NLSPS/2B(2008)] to submit your application
§	You should use Application Form [NLSPS/3B(2008)] to submit your application

How to Apply

	If you wish to apply for financial assistance under both the FASP and the NLSPS, you should use the FASP Application Form i.e. Form G [FASP/GB(2008)] or Form S [FASP/SB(2008)] as appropriate. If you possess a locally-accredited sub-degree qualification, you should use Form D [FASP/DB(2008)].
	If you wish to apply for the NLSPS only, you should use the NLSPS Application Form [NLSPS/2B(2008)]. If you possess a locally-accredited sub-degree qualification, you should use the NLSPS Application Form [NLSPS/3B(2008)]. Downloaded copy/photocopy of the application form is acceptable. Please click here to download the application form concerned.
	Completed form together with photocopies of supporting documents should be submitted to your institution before the deadline. Your institution will hand in your application to the Agency for processing.

Payment of Administrative Fee upon Application

If you apply for financial assistance under the NLSPS, you are required to pay the administrative fee for each application. The administrative fee payable for 2008/09 academic years is HK $180.

Please pay the administrative fee IN CASH at the Hong Kong and Shanghai Banking Corporation (the Bank) by using the pre-printed bank pay-in slips which are obtainable from the Agency or your institution. Payment by cheque is not acceptable. You may also transfer the administrative fee to the Agency's account no. 044-171635-001 through automatic teller machines (ATM) of the Bank. During the ATM transaction, please choose "Transfer" service and press "Yes" for "Do you need to take a transaction advice?". If you fail to produce the original transaction advice for your NLSPS application, you have to apply for a bank statement from the bank showing the transaction concerned.

Maximum Level of Financial Assistance under the NLSPS

The maximum financial assistance you may receive under the NLSPS is capped at the annual tuition fees payable for the course under application and academic expenses of HK$3,090 plus an NLSPS loan to cover your basic living expenses. The maximum amount of loan for living expenses for the 2008/09 academic year is HK$35,670.

Notification of Result

	If you apply for financial assistance under the NLSPS only and the information provided is complete, you will normally be notified of your result within 3 weeks from the date of the Agency's receipt of your application.
	In case you have applied for and have been offered loans under the extended Non-means Tested Loan Scheme (applicable to students who are not covered under the TSFS and the FASP) for the same course you now apply for the NLSPS, a longer processing time will be required as the Agency may need to adjust your NLSPS loan amount.
	If you apply for financial assistance under both the FASP and the NLSPS, the Agency will not be able to determine the loan amount you may be entitled under the NLSPS until your FASP results are known. In this instance, you will be issued a letter asking whether you would wish to obtain the NLSPS loan up to its maximum level, i.e. the full amount of your tuition fees, academic expenses of HK$3,090 and the maximum loan for living expenses. If you obtain the NLSPS loan in this manner, it may be necessary to make adjustments to the NLSPS amount loaned after your FASP results are known.

Payment of NLSPS Loan

The loan you obtain under the NLSPS will be credited to your designated bank account by two equal instalments through the Treasury, if applicable, after the Agency's receipt of your duly completed "Undertaking to be signed by a Student Receiving Loan" , "Deed of Indemnity" and other necessary supporting documents. The payment dates are the NLSPS loan draw down dates and will be set by the Agency.

Application for Second NLSPS Loan/Cancellation of NLSPS Loan

	You may apply for a second NLSPS loan which is equivalent to the difference between the maximum amount of the NLSPS loan that you may borrow and the NLSPS loan that you have already indicated to borrow on your first application. An administrative fee is also payable on application. Applications must be made by completing the "Application for a Second NLSPS Loan" form [SFAA 166 (2008)] and submitting the completed form in person or authorizing a person to do so on your behalf to the Agency within 3 months from the commencement of the course. The form is obtainable from the Agency or your institution. No late applications for second NLSPS loan will be accepted. Please click here to download the application form concerned.
	If you wish to apply for cancellation of your NLSPS loan not yet been disbursed to you, you should complete the "Application for Cancellation of NLSPS Loan" form [SFAA 167 (2008)] and return it to the Agency. Please click here to download the application form concerned.
	In the event that the payment of the NLSPS loan is being/has been made to you, cancellation of the NLSPS loan will not be accepted but alternatively you may choose to make early repayment of the NLSPS loan.

Change of Personal Particulars

	If there are subsequent changes in your residential address, correspondence address, your residential telephone number, other contact telephone number or bank account number, you should immediately notify our Agency by using the “Notification of Change of Personal Data” form [FASP/C/1A(2008)]. If there is change in your institution and/or course of study, or your tuition fees paid/payable, you should notify our Agency by using the “Notification of Change of Institution/Course Data” form [FASP/C/1B(2008)].
	The above forms are available at this Agency or your institution. Please click here to download the forms concerned.
	If you cease/decide to withdraw from/suspend or defer studies or change course/institution, you should immediately notify the C, SFAA in writing for the Agency to take follow up action(s), including but not limited to withhold the payment of the NLSPS loan to your bank account.

Loan Repayment

	The NLSPS loan(s) borrowed by you and the interest accrued thereon are repayable in 40 equal quarterly instalments within 10 years after you have completed the relevant course or you cease to be a registered full-time student of the accredited programme at the institution on or before completion of the relevant course or upon lapse of 6 years from the first disbursement of the NLSPS loan, whichever is the earliest. You may choose to make early repayment of the NLSPS loan(s). If you do not receive commencement of repayment letter and repayment schedule within 6 months after your graduation, you should notify this Agency in writing immediately.
	Quarterly repayment instalments will normally fall due on 1 January, 1 April, 1 July and 1 October each year.
	If the settlement is delayed by 7 days or more, you will be required to settle with the Government the amount of the overdue instalment, any outstanding annual administrative fee(s) together with any interest loss and recovery costs incurred by the Government due to the late settlement(s) relating to the previous instalment(s).
	You are required to pay an administrative fee annually until the NLSPS loan(s) and the interest accrued thereon are fully repaid. The annual administrative fee is chargeable on a loan account basis.
	Repayment can be made :- in cash; by cheque, Cashier Order and Bank Draft; by Payment-by-Phone Service; by Automated Teller Machines; in a lump sum; in a partial repayment; and by e-Banking Services.

Deferment of Repayment

If you have difficulties in repaying the NLSPS loan(s) due to further studies on full-time courses, financial hardship or serious illness, you may apply for deferment of loan repayment. Application for deferment of loan repayment will be considered on its merits and should be submitted in writing to the Agency before the due date(s) of the instalment(s) under application. Relevant application forms are available at the Agency or your institution. You may also click here to download the application form concerned. Application for deferment of loan repayment is only applicable to the total amount due for settlement, which may comprise administrative fee(s), if any, interest(s) and outstanding principal(s). Application for deferment of only a part of the amount to be settled will not be acceded to. Interest will accrue over the period of deferment. The deferred loan may be repaid on a revised schedule with fewer number of quarterly instalments and at a larger amount or on any other terms as decided by the C, SFAA. Interest accrued during the deferment period will be capitalized and form part of the outstanding principal for the calculation of the quarterly amount to be repaid in the remaining instalments. In addition, for deferment of more than 12 calendar months, the interest accrued during the deferment period will be capitalized once every 12 calendar months. Loan recipients who have been granted approval for deferment of the NLSPS loan repayment are still required to continue settling an administrative fee annually during the period of deferment.