Friday, October 29, 2004

HK Student will face Bankruptcy!

According to the Commercial Radio in Hong Kong, there were more than 2,700 cases delayed payment for their subsidy loans in the first nine months of 2004. This figure already exceeded the total amount of the year 2003. More seriously, for those except from the underwriting already two times of year 2002, more than 830 cases could not pay their loan.

According to the official of the Student Financial Assistance Agency, in order to avoid the situation become more serious, first time in the history they are going to apply bankcruptcy on those creditors. Besides, they are in the process of the review on the procedure of application and the debt condition of the guarantors.

Tuition fees in Hong Kong consider as one of the most expensive places in the world. Most of the students have to apply the loan to study. There is no free education in Hong Kong. There is no much different in the tuition fees between the public and private universities. As the different is only the public university is accepting the subsidy from the government as the private university has to find their own financial income without the support of the government.

Almost same period last year, the education budget cut became the hot debate and even some student unions prepared for the class boycott. Even the incident ended up with the student unions agreed upon the promise of the Secretary for Education and Manpower Bureau, Arthur Li and cancelled the class boycott, the debates of the education always exist.

Since the privatization of the education become more severe in the world, the New Zealand students also faced the problems of the student debt. The similar situation in Hong Kong that many of the student have to bear the burden "Debt of Life". You can see more about the education situation in Kiwi nation through the ASA member NZUSA.