Loan Disbursement Arrangements
If applicants return the full set of completed loan documents and other required supporting documents to the Student Finance Office (SFO) by the specified deadline (specified deadline) as detailed in the "NLSPS Notification of Result" or the "FASP Notification of Result", the SFO will credit the NLSPS loan accepted directly to bank account designated by the applicants according to the following timeframe -
| If the NLSPS application result is notified to the applicants by January 2024 | If the NLSPS application result is notified to the applicants after January 2024 | |
|---|---|---|
| First instalment |
Within a period of three weeks from the specified deadline
(If the applicants miss the specified deadline - Around three weeks after the SFO receives the required documents) |
Disbursed in one single instalment within a period of three weeks from the specified deadline
(If the applicants miss the specified deadline -
|
| Second instalment(i.e. the remaining balance) | January or February 2024; or after the respective institutions have confirmed with the SFO the total credits taken by the applicants for this academic year (applicable for programmes charged on credit-based mode) |
In any case, the SFO reserves the right not to accept loan documents submitted after 30 June 2024 since the respective academic year should normally be over, unless the relevant "Notification of Result" is issued within the immediate past two calendar months, or the “Notification of Adjusted Result of Application for Financial Assistance” is issued within the immediate past four weeks.
- Applicants must be the sole holder of the bank account. Time deposit account, credit card account, foreign currency account, personal loan account and security / investment account will not be accepted.
Neither the application nor the approval for an NLSPS loan carries any implication that the payment due date of tuition fee has been or will be deferred automatically by institutions. If the disbursement of the NLSPS loan for any instalment cannot be made on or before the tuition fee instalment due date, it is the applicants’ own responsibility to liaise with the institutions in respect of the tuition fee payment. The SFO will not bear the responsibility for any loss caused due to late settlement of tuition fee.
- After the disbursement arrangement of the NLSPS loan to the bank account has been arranged, the SFO will issue a Remittance Advice to the loan borrowers stipulating the loan disbursement date and amount for reference. The disbursement date stipulated in the Remittance Advice is the drawdown date of the specified NLSPS loan.