23rd December 2024 – (Hong Kong) The Working Family and Student Financial Assistance Agency (WFSFAA) has issued a reminder to student loan borrowers that the five-year interest-free deferral period for loan repayments will conclude on 31st March, 2025. From 1st April, interest will begin to accrue again, with the first repayment deadlines set for 1st May, 2025, for monthly instalments, and 1st July, 2025, for quarterly payments.
In January 2025, the Student Finance Office (SFO) will send notifications regarding the resumption of loan repayments and detailed repayment schedules. Following this, demand notes will be issued in mid-April and early June for borrowers repaying through monthly and quarterly instalments, respectively. Additionally, the annual administrative fee for all loan repayment accounts under non-means-tested schemes will also be reinstated.
To assist borrowers, the SFO offers several electronic repayment options, including the Payment by Phone Service, the Faster Payment System via the “SFO E-link – My Bills” online platform, autopay services, and internet banking payments.
A WFSFAA spokesman noted that borrowers can minimise interest costs by applying for early lump sum or partial repayments on any loan account. These applications can be submitted online through the “SFO E-link” platform. For further information on the resumption of repayments, please visit the WFSFAA website.
