Higher Undergraduate Subsidy Now Available
The Hong Kong Government is increasing its undergraduate subsidy.
The Hong Kong Government’s annual undergraduate subsidy will experience a slight increase, reflecting the Composite Consumer Price Index. According to the Government, the existing amount of HK$33,200 will increase to HK$33,740. The adjustment is indicative of the corresponding movement of the Price Index.
The financing is applicable for the Non-means-tested Subsidy Scheme for Self-financing Undergraduate Studies (NMTSS) in Hong Kong. The increase in aid applies for the academic year of 2023-2024. Eligibility is for full-time self-financing students, and there is a focus on benefitting students from a variety of backgrounds.
This is timely and good news for those wishing to pursue undergraduate studies. Students who are eligible and are enrolling in the relevant programmes can enjoy the benefits straight away. With the subsidy in place, they need only pay the remaining tuition fees. It is also tenable for the usual duration of the programmes and applies to new and existing eligible students.
Eligibility for Subsidies
All relevant courses need local accreditation but can be local or non-local programmes. The subsidy encompasses both Top-up Degrees (TUD) and First-year-first-degree (FYFD) programmes. Local students in relevant FYFD programmes will also have eligibility regardless of their ‘3322’ achievement status. This is the scoring criteria of the Hong Kong Diploma of Secondary Education Examination.
All applications for the subsidy must go through one of the 15 participating institutions. A complete list of these institutions is on the NMTSS website. However, students who are non-local, already have a bachelor’s degree, or enrolling in other subsided programmes are not eligible.
The undergraduate subsidy is one of the many recourses open for students. Financial assistance is also available for application from the Student Finance Office. Those eligible can apply for aid in paying the actual tuition fee amount.
Creating a Modern Workforce
The subsidy will also extend towards VPET qualifications (vocational and professional education and training). VPET offers a parallel pathway to traditional academic educational routes. This promotes and concretises the Government’s commitment towards creating diversity in learning and employment.
The undergraduate subsidy is just one of the many ways that Hong Kong is upskilling its future workforce. Along with its international status as a global commercial hub, the country is a great place to start a business.
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