{"id":24661,"date":"2021-09-02T11:46:48","date_gmt":"2021-09-02T03:46:48","guid":{"rendered":"https:\/\/www.hkmu.edu.hk\/sao\/?page_id=24661"},"modified":"2022-03-25T17:03:36","modified_gmt":"2022-03-25T09:03:36","slug":"repayment","status":"publish","type":"page","link":"https:\/\/www.hkmu.edu.hk\/sao\/fa\/pt-sfa\/repayment\/","title":{"rendered":"Extension of Deferral of HKMU Student Loan Repayment - FAQs"},"content":{"rendered":"\t\t
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Q1. What is the arrangement of Extension of Deferral of HKMU Student Loan Repayment?<\/span><\/div>

The Extension of Deferral of HKMU Student Loan Repayment is a special relief measure in view of the worsening COVID-19 pandemic situation. The measure is to allow eligible students to enjoy extension of deferral of repayment of HKMU Loan for another two years from 15 July 2022 to 14 July 2024 (referred to as \u201cextended suspension period\u201d hereunder). The implementation parameters and eligibility criteria of the extension arrangement follow those of the deferral arrangement executed in June 2020. The HKMU Loan repayers do not need to submit any applications individually.<\/p><\/p><\/div>\n <\/div>

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Q2. Who can benefit from the Extension of Deferral of HKMU Student Loan Repayment?<\/span><\/div>

All HKMU students who have borrowed either the Pay After One Year (PAOY) or Pay On Graduation (POG) Loan will be benefited from the extended deferral arrangement. Students with active loan repayment accounts as well as those with new repayment accounts that will be activated during the \u201cextended suspension period\u201d will be benefited. However, the arrangement will not be applicable for two student groups, namely, the student loan defaulters and repayers who have been granted for deferment of loans under the existing arrangement.<\/p><\/div><\/p><\/div>\n <\/div>

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Q3. When will eligible student loan repayers receive notification letters?<\/span><\/div>

The Student Affairs Office will issue notification letters to eligible student loan repayers (by post) in early April 2022 to inform them the detailed arrangement of the extended deferral of loan repayment.\u00a0 \u00a0<\/p>

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For those new loan repayers who will graduate and\/or commence their loan repayments during the extended suspension period, they will also receive notification letters issued by SAO (by post).<\/p><\/div><\/p><\/div>\n <\/div>

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Q4. If a student loan repayer has previously opted not to defer loan repayment in June 2020, can he\/she change option to benefit from the deferral of loan repayment under the extension arrangement? <\/span><\/div>

Yes, all eligible student loan repayers will be given an option to choose whether or not to defer loan repayment under the extension arrangement.<\/p><\/p><\/div>\n <\/div>

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Q5. Can student loan repayers choose not to defer their loan repayment?<\/span><\/div>

Student loan repayers will be given a choice to opt out from the extended deferral arrangement and continue to repay their loan instalments according to their original repayment schedules. The student loan repayers concerned should indicate their choice by submitting an Opt-out Form before 29 April 2022, or otherwise they will be assumed to accept the extended deferral arrangement.<\/p>

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For those student loan repayers who are currently enjoying the deferral arrangement but choose to opt out from the extended deferral arrangement, their loan repayment will be resumed from 15 July 2022.\u00a0 Upon receipt of the opt out reply, the SAO will issue an updated repayment schedule together with the Direct Debit Authorization (DDA) form for arranging the autopay transaction for repayment to the repayer concerned in mid-May 2022.<\/p><\/p><\/div>\n <\/div>

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Q6. If a student loan repayer, who has opted out from the deferral arrangement subsequently encounters repayment difficulties, is he\/she still eligible for the deferral of loan repayment?<\/span><\/div>

Yes, they may apply for the deferral arrangement in writing to SAO. The deferral of loan repayment is up to the end of the extended suspension period (i.e. 14 July 2024).<\/p><\/p><\/div>\n <\/div>

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Q7. If a student loan repayer has financial difficulties in repaying the arrears accrued before the suspension period, will SAO provide assistance?<\/span><\/div>

The loan repayer concerned may apply to the Student Affairs Office for deferment of loan repayment. The University will consider each application on its own merits.<\/p><\/p><\/div>\n <\/div>

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Q8. What is the payment arrangement during and after the extended suspension period?<\/span><\/div>

During the extended suspension period, SAO will not make autopay requests to the banks for student loan repayments. As such, autopay arrangements will not be activated for the loan accounts concerned. However, the student loan repayers should arrange autopay transaction with the bank for repayment after the extended suspension period.<\/p><\/p><\/div>\n <\/div><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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