611 elderly Hongkongers default on student loans, owe HK$17,400 each on average
Education Bureau says it recorded 9,838 default cases, involving 8,494 people, under five schemes as of January 31
More than 600 Hongkongers aged 60 and above have failed to repay their student loans under five government schemes funding tertiary and post-secondary studies, with the average amount owed standing at HK$17,400 (US$2,220).
In a reply to questions from lawmakers on Wednesday, the Education Bureau said it had recorded 9,838 default cases involving 8,494 individuals under the five schemes as of January 31 this year, with outstanding amounts totalling nearly HK$126 million.
The schemes provide financial assistance to those studying at public universities, in self-financing post-secondary programmes, pursuing professional certifications or taking part in specific continuing education courses. Some are non-means-tested.
As part of the budget for the current financial year, the Working Family and Student Financial Assistance Agency vowed to continue concerted efforts to recover student loans in arrears.
A borrower is considered to have defaulted if two or more consecutive quarterly instalments are overdue. The definition also applies if six or more consecutive monthly instalments are overdue.
The latest cases recorded by the bureau involved nearly HK$126 million in default. In comparison, it recorded 5,134 default cases involving HK$96 million as of January 31, 2025.