With the global financial system still in a shaky state, many professionals continue to turn to postgraduate study to boost their prospects, despite some improvement in the Hong Kong economy. For those who study in uncertain times, it is important to know where to get financial assistance so that the benefits of gaining a good qualification are not jeopardised by deteriorating personal finances.
Even part-time postgraduate study involves considerable costs, which add to the challenge of returning to study for professionals grown accustomed to the working life. Fortunately, various kinds of financial help are available to lighten the burden.
The government's Continuing Education Fund, which allows candidates for designated master's programmes to claim back 80 per cent of fees up to a maximum of HK$10,000, is the first port of call for most postgraduate students. Those in the small number of publicly funded postgraduate programmes that are still offered by Hong Kong's 11 public tertiary institutions are eligible for the Tertiary Student Finance Scheme. This provides a means-tested grant that covers the full tuition fee, plus a means-tested loan or a non-means-tested loan - of up to HK$37,250 in 2010-11 - to cover living expenses.
The non-means-tested loan is also available for designated self-financed programmes and part-time courses.
High-achieving students can also consider applying for the Hong Kong PhD Fellowship Scheme set up last year by the Research Grants Council. There are about 135 fellowships available per year, with successful applicants receiving a monthly stipend of HK$20,000 plus an annual travel allowance of HK$10,000 for up to three years. The awards are open to local applicants, international and mainland students.
In addition to government financial assistance schemes, the range of targeted scholarships offered by universities and charitable foundations has increased, after the government's matching grant scheme brought in HK$6.9 billion in extra private donations for universities. The scheme was set up in 2002 to promote a culture of educational philanthropy in Hong Kong.