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Proposals on Local Student Finance Scheme discussed
The Joint Committee on Student Finance will consider
consider making recommendations to the Government on whether any changes or improvements should be made to the Local Student Finance Scheme after studying the report of the consultancy study on the scheme, the Joint Committee Chairman, Professor John Leong, said today (Monday).
In November 1995, the Student Financial Assistance Agency commissioned a consultancy firm to conduct a review on the scheme. The proposals put forward by the firm were discussed at the Joint Committee meeting this afternoon.
In his briefing to the media after the meeting, Professor Leong said the consultants were asked to assess whether the existing scheme was fulfilling its objective in providing appropriate assistance to needy students in an efficient and cost- effective manner, having regard to present-day circumstances including househoid size, income and assets, fee levels and student expenditure patterns.
"The consultants have proposed that the most effective way to help the majority of students is to establish a new non-means tested loan scheme which would be accessible to all students.
"In addition, means-tested grants are proposed to be provided to needy students to cover living costs and academic expenses under an "Adjusted Family Income" formula which would greatly improve the transparency of the scheme. The Consultants have also proposed a number of immediate improvements to the existing scheme," Professor Leong said.
The Joint Committee, which advises the Government on Local Student Finance Scheme, comprises prominent members of the community and representatives of tertiary institutions and student unions.
Also present at the media briefing today were the Controller of the Student Financial Assistance Agency, Mr Alfred Wong Wai-kin and the Consulting Manager of the Ernst and Young Management Consultants Ltd. Mr Ivan Kinsella.
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