Before you decide to take up a student loan, please ensure you know the loan repayment details and arrangements, including the repayment schedule, number of instalments, amount of loan repayment per instalments, repayment method, interest calculation, penalty clause etc.,
Please note that different loan awards have different terms and conditions, please pay attention to the details before you sign the loan undertaking form. Ask questions when you are not sure about the details. Remember to retain a copy of your signed loan undertaking agreement for your future reference.
It is extremely important for you to repay the borrowed loan according to the stated payment schedule in order to avoid escalating interest payment or even legal liability. Normally you can access information about your latest outstanding loan amount and loan repayment schedule on the website of the lending institution.
If you cannot repay the loan on time, please take an initiative to approach the concerned office and negotiate a feasible repayment schedule.
If you have difficulties to repay the university financial assistance (ufa) loan according to the original loan repayment schedule due to unexpected financial difficulties or continuation of study after completing your undergraduate study, you may negotiate your loan repayment plan with CEDARS by sending an email to cedarsufa@hku.hk . Applications will be reviewed on a case-by-case basis.
Learn more tips about Responsible Borrowing & Loan Repayment here.
