More than 600 defaulters aged 60 and above have failed to repay their student loans under five government financial assistance schemes designed to fund their tertiary and post-secondary studies, with the average amount owed standing at HK$17,400 (US$2,220).

In a reply to questions from lawmakers on Wednesday, the Education Bureau said it had recorded 9,838 default cases, involving 8,494 people, under the five schemes as of January 31 this year.

The schemes provide financial assistance to those studying at public universities, in self-financing post-secondary programmes, pursuing professional certifications or taking part in specific continuing education courses. Some of the policies are non-means-tested.

As part of the budget for the current financial year, the Working Family and Student Financial Assistance Agency vowed to continue concerted efforts to recover student loans in arrears.

A payee is considered to have defaulted if two or more consecutive quarterly instalments are overdue. The definition also applies if six or more consecutive monthly instalments are overdue.

The latest cases recorded by the bureau involved nearly HK$126 million in default.