HONG KONG SAR - Media OutReach - 9 August 2022 - Following the summer holidays, the school year is just around the corner. The main challenge for university students at this time is to prepare for the big tuition fees. The 12-year free education in Hong Kong only covers the primary and secondary levels. After entering tertiary institutions, students have to pay their own tuition fees, which can be costly for students of modest means. If they need financial assistance or loans to pay for their tuition fees, the preferred method for many students is to apply for the Tertiary Student Finance Scheme - Publicly-funded Programmes ("Grant Loan") and the Non-means-tested Loan Scheme for Full-time Tertiary Students ("Non means") of the Working Family and Student Financial Assistance Agency. However, there are complicated procedures involved in applying for tuition fees such as Grant Loans, and students who fail to apply for financial assistance or loans provided by WFSFAA in a timely manner may also be required to pay additional penalties for failure to pay tuition fees on time. To solve the problem of tuition fee payment, uFinance has launched the "University Student Tuition Fee Loan" to provide the most suitable financial support for university students. All students need to do is provide three documents and register for the loan online. Students can also choose to repay the remaining principal amount at any time after receiving the government assistance without paying any service charge.
Features of the uFinance Tuition Fee Loan for University Students
1) The first " Lowest Interest Guarantee " in Hong Kong
uFinance offers Hong Kong university students a low-interest university tuition fee loan of HKD$21,050 at the best interest rate in the Hong Kong market (6% p.a.), spread over 6 to 48 months, with an average monthly interest rate of HKD$56.7.
2) Easy application process
Applicants can simply fill in the online form and upload 3 documents (ID card, student card and tuition fee statement) to complete the application process. After successful application, students can also choose to sign the contract online and pay off the tuition fees to solve their financial difficulties.
3) No service charge for immediate repayment
Students can choose to repay their loan in different lengths of time from 6 to 48 months, and they can also repay the loan in advance if they wish. uFinance does not charge any service fees and there are no hidden charges.
4) Paying tuition fees for students
uFinance understands that students may have an urgent need for a loan to pay their tuition fees. uFinance can complete the approval process as soon as three documents are submitted, and the money will be deposited directly into the school account without the need to pass through the loan, so that students can pay their tuition fees as soon as possible.
Case Sharing of University Student Tuition Fee Loan
As he was unable to obtain financial assistance from the WFSFAA in time for the start of his studies, Chan chose to apply for a tuition fee loan from uFinance to pay the Semester 1 tuition fee (HKD$21,050). He opted for the 48 instalment loan plan and only had to repay about HKD$494 per month afterwards, which was a relatively low financial burden. Two months after the start of the academic year, Chan passed the financial assessment by the SFAA and received the loan, so he chose to pay off the uFinance loan early. At this point, Chan only had to repay the remaining principal without paying extra interests and penalty charged by the school. uFinance hopes that the tuition fee loan will reduce the impact of not paying tuition fees on time, and allow students to get through their four-year university career with less financial stress.
uFinance Student Loans - making campus life better for students
Besides tuition fee loans, students can also apply for student loans. Different from tuition fee loans, students can apply for student loans directly to their student bank accounts, which can be used for Hall fees, exchange fees, computer purchases or even FYP without any restrictions. This allows non-degree tertiary students to enjoy a stress-free campus life.
Information Loan Platform for Tertiary Students - Preparing yourself for the challenges of society
As well as helping students with their financial burden during their studies, uFinance hopes that students will be able to access insightful information on their platform that will help them for their future life planning, such as internship recruitments, lifestyle tips and financial management knowledge. uFinance believes that the tertiary life will have a great impact on students' future development, and therefore hopes that students will be well-equipped for the challenges ahead before entering the society.
Moreover, uFinance hopes that students can enjoy their campus life without being constrained by financial pressure. Therefore, uFinance offers campus sponsorship throughout the year, providing products and financial support to various institutions and societies so that students do not have to worry about money when organising different activities such as Ocamp, Oday and Welfare Week.
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