教育是「人力資本」和「社會資本」的重要投資手段，香港的大學教育從20世紀80年代中期起迅速發展。教育成本昂貴，公共資源有限，高等教育的整體成本漸向學生轉移。但個人的教育融資市場並不完善，這對窮人尤甚。因此，政府對學生的資助計劃非常重要。本文從足夠、效率和公平三方面評析香港現時的高等教育學生資助計劃。香港高等教育貸款的「還貸負擔」，由畢業生初就業時工資的11%，到十年後工資的5%，拖欠並不嚴重，但若要求資助計劃自我持續並不可行，政府仍需不斷投入資助。此外，為調動更多社會資源支持高等教育投資，商業銀行參與教育貸款應有發展空間。

Education is an important investment in “human capital” and “social capital.” Higher education in Hong Kong has expanded rapidly since mid-1980s. However, education is expensive and public resource is limited. Students should gradually take up a greater share of the costs for higher education. However, the education loans market is not perfect, and is particularly unfavorable to the poor. Government participation in student loans scheme is important. This article examines the Hong Kong student loans scheme from the perspectives of adequacy, efficiency, and equity. The repay burden is about 11% at the beginning of employment and 5% after ten years, and the default rate in Hong Kong is not serious. But it is not feasible for the scheme to be self-sustaining, and government should continue to invest in the scheme. Besides, there should be possibilities for the participation of commercial banks in the student loans scheme so that more social resources can be mobilized for higher education.