Mr Patrick Fung (right) and OUHK President Prof. Tam Sheung-wai at the contract signing ceremony on 5 December last year. The contract renewed the Bank's provision of credit card services for the University for another five years.

February and August are difficult times for some students, when they have to pay their tuition fees. To students with low incomes and heavy family burdens, an up-front tuition fee of a few thousand dollars is difficult to afford. With a view to relieving the financial burden on these students, the OUHK has joined the Wing Hang Bank to set up the first interest-free tuition loan scheme in Hong Kong.

The loan is available to all OUHK old and new students, graduates and staff, as long as they pay their tuition through the affinity card jointly offered by the University and the Bank. The borrower must repay the Bank in ten monthly instalments. No administration fees or interests will be charged. However, the Bank charges an annual interest of 30% for late payment. New students can apply for the affinity card and tuition loan at the same time. Upon approval of the loan, the Bank will pay for the applicant's tuition directly. The application procedure is simple and no income proof will be required.

The OUHK VISA Card -- both principal and supplementary -- also offers holders pre-approved privileges and the annual fee will be waived.

Wing Hang Bank's Chairman and Chief Executive, Mr Patrick Fung, said, 'Our bank has always subscribed to the OUHK's mission of providing "Education for All" and is glad to support lifelong learning. By tailor-making the tuition loans for OUHK students, we aim to improve learners' access to quality higher education and allow them more flexibility in managing personal finance at the same time.'

To help low-income earners continue with their education, the OUHK has put in place various student assistance schemes including student loans, bursaries and scholarships over the years. In the October semester last year, more than 1,900 students received financial assistance from the University totalling $25 million, while another 870 obtained non-means-tested loans of $14 million from the government through the Student Financial Assistance Agency. Tax deduction for education is also available for all students.