The Deferral of OUHK Student Loan Repayment is a special relief measure in view of the economic downturn subsequent to the COVID-19 pandemic. The measure is to allow students to enjoy deferral of repayment of OUHK Loan for the period (referred to as “suspension period”) from 15 July 2020 to 14 July 2022. The OUHK Loan repayers do not need to submit any applications individually.
All OUHK students who have borrowed either the Pay After One Year (PAOY) or Pay On Graduation (POG) Loan will be benefited from the two-year deferral arrangement. Students with active loan repayment accounts as well as those with new repayment accounts that will be activated during the “suspension period” 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 arrangment.
The Student Affairs Office will issue notification letters and inform eligible student loan borrowers of the detailed arrangements (by post) from 30 June 2020.
For those new loan repayers who will graduate and/or commence their loan repayments during the suspension period, they will also receive notification letters issued by SAO (by post).
Student loan borrowers will be given a choice to opt out from the deferral arrangement and continue to repay their loan instalments according to their original repayment schedules. The student loan borrowers concerned should indicate their choice by submitting an Opt-out Form [LH(06/20)] before 30 July 2020, or otherwise they will be assumed to accept the deferral arrangement.
Yes, they may apply for the deferral arrangement in writing to SAO. The deferral of loan repayment is up to the end of the suspension period (i.e. 14 July 2022).
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.
During the 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 suspension period.