Financial Assistance Scheme for Post-secondary Students (FASP)
Method of Assessment
Your eligibility for financial assistance depends on the financial position of your family. Your level of assistance will be determined by a two-tier means test involving your family income and assets. Read More
First, compare your Adjusted Family Income (AFI) against the "Ready Reckoner" to get the first percentage of grant and loan, then apply this percentage to calculate (i) the tuition fee grant; (ii) academic expenses grant; and (iii) living expenses loan.
The AFI mechanism is based on the following formula:
(For single-parent families of 2 to 3 members, the ‘plus 1 factor’ in the divisor of the AFI formula will be increased to 2)
The “Net Asset Value per Family Member” is the net value of your family’s fixed assets and value of liquid assets (excluding the value of your family’s first home and the assets of your grandparents and siblings) divided by the actual number of family members. Debts of family members cannot be deducted from the total value of family assets.
The SFO will normally accept reported information which is supported by documentary proofs.
If proper documentary proofs cannot be provided or the documents provided cannot substantiate the reported income / asset information of the family concerned (e.g. claim for prolonged unemployment is not substantiated or only self-written statement of income is provided), the SFO may make adjustments and apply benchmark figures based on the statistical information provided by the relevant government departments
to assess the income and / or net value of the assets held by the family members concerned.
Statistical information provided by relevant government departments such as the Census and Statistics Department, the Rating and Valuation Department and the Transport Department, etc.
The SFO may apply projected figures in the assessment of family income if necessary.
Only the medical expenses incurred by the applicant or his/her family member who is chronically ill or permanently incapacitated are deductible. Applicant should provide the relevant medical receipts for the period 1.4.2020 to 31.3.2021. The 2021/22 academic year maximum amount of deductible medical expenses is $21,670.