More than 600 Hongkongers aged 60 and above have defaulted on student loans under five government schemes funding tertiary and post-secondary studies, owing an average of HK$17,400 (US$2,220) each, the Education Bureau said. It recorded 9,838 default cases involving 8,494 individuals as of January 31 this year, with outstanding amounts totalling nearly HK$126 million. The bureau disclosed the figures in a reply to lawmakers on Wednesday.
The Education Bureau reported 9,838 default cases involving 8,494 individuals under five government schemes as of January 31 this year, with outstanding amounts totalling nearly HK$126 million. Among them, 611 Hongkongers aged 60 and above have defaulted, owing an average of HK$17,400 each.
The schemes provide financial assistance for studies at public universities, self-financing post-secondary programmes, professional certifications, and specific continuing education courses. Some are non-means-tested. A borrower defaults if two or more consecutive quarterly instalments are overdue, or six or more consecutive monthly instalments.
In comparison, as of January 31, 2025, the bureau recorded 5,134 default cases totalling HK$96 million. The Working Family and Student Financial Assistance Agency has vowed to continue concerted efforts to recover loans in arrears as part of this financial year's budget.
The figures highlight a rise in defaults, prompting ongoing recovery initiatives by authorities.