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The 4 most popular education loans with Malaysian undergraduates

Published by Afterschool.my on Sep 06, 2016, 02:11 pm

A loan of any kind is a serious financial undertaking, and the informed student is in a much better position to find the most beneficial loan package available.  Although scholarships and grants are always the preferred form of financial aid as they do not require repayment, most students will still face a gap in their college fund that requires a student loan of one form or another.Let’s review the four most popular education loans with Malaysian students for undergraduate programmes.

PTPTN

PTPTN has been established to ensure that students who have financial problems achieve access to higher education

The National Higher Education Fund Corporation (PTPTN) was established under the National Higher Education Fund Act 1997 (Act 566). PTPTN’s objective is to ensure that no student should be denied access to higher education because of financial reasons. Read more here: PTPTN – A complete guide

Eligibility

  • MIED has been providing financial aid to students from the Malaysian Indian community since 1984 in order for them to pursue their tertiary educationAdmission into approved courses at local public or private universities or colleges must be gained.
  • Students are eligible irrespective of the academic performance or financial background.

Loan amountRM5,000 per year for a Diploma course and RM16,000 per year for a Degree course

How to apply?

  • Ensure that you meet all the eligibility requirements as stated by PTPTN
  • Open a bank account with BSN/BIMB/Public Bank/CIMB/Bank Muamalat Malaysia Bhd. To view list of banks, visit http://www.ptptn.gov.my/web/english/ipta
  • Purchase a PTPTN number at any branch of Bank Simpanan Nasional (BSN)
  • Register and apply online (print online application)
  • Submit supporting documents to PTPTN officer of your college/university

Contact info

Tel:

03-2098 3731/3732

Email: 

[email protected]

Address:PERBADANAN TABUNG PENDIDIKAN TINGGI NASIONALLot G2, Tingkat Bawah,Wisma Chase Perdana,Off Jalan Semantan,Damansara Heights,50490 Kuala Lumpur.www.ptptn.gov.my

MARA

Students who want to apply for a MARA loan must not have parents or spouses that have income more than RM80,000

MARA Study Loan Programmes or Skim Pinjaman Pelajaran (SPiP) was introduced in 1966 when Majlis Amanah Rakyat (MARA) was formed. Students have to apply to the respective institutions before applying for the loan.

Types

  • SPiP Program Khas (Special Programme)

This loan is for excellent SPM leavers who wish to take pre-university courses such as (but not limited to) ADFP, A-Levels, International Baccalaureate (IB) and Australia Matriculation (AUSMAT).

  • SPiP Pinjaman Terbuka (Open Loan)

This loan is typically given to qualified Bumiputera students to continue their studies in Institut Pengajian MARA (IPMa) and local private Higher Education Institutions (IPTS).

Eligibility

  • General requirements require that you are a Malaysian citizen with bumiputera status and acquired at least credits in Bahasa Melayu at SPM/SPMV level.
  • Never been sponsored by any scholarship bodies at the same education level.
  • Institutions of higher learning are recognized by Malaysian Government or private institutions of higher learning are recognized by Private Education Division, Ministry of Education.
  • Currently undergoing/enrolled in courses that are of great importance to MARA.
  • The socio-economic status of the family where the annual taxable joint income of the parents or spouses must not exceed RM80,000.

Loan amountLoan covers tuition fees and allowance while also depending on the student’s financial background.

How to apply?

  • Visit http://eduloan.mara.gov.my/ and input your details (the website is currently under maintenance)
  • Visit the MARA Headquarters
  • Attend the MARA Education Carnivals.

Contact info

Tel:

03-26915377

Address:MARA Headquarters21, Jalan Raja Laut,50609 Kuala Lumpur.

Official website:

www.mara.gov.my

http://www.mara.gov.my/bah.-penganjuran-pelajaran

KOJADI

There are many different types of education loans from KOJADI

Koperasi Jayadiri Malaysia Berhad or KOJADI was established in 1981 where its objective is to extend an effective student loan facility to enable students in need to pursue higher education, and to shape students into well-trained manpower to meet the demand for skilled human resources in the country.

Types

  • KOJADI Education Loan Scheme For Students of Foundation Programmes
  • KOJADI Education Loan Scheme for MINOR
  • KOJADI Higher Education Loan Scheme
  • KOJADI Special Education Loan Scheme
  • KOJADI Vocational Education Loan Scheme
  • KOJADI Institute Education Loan Scheme
  • KOJADI Education Loan Scheme for TARC Graduates
  • KOJADI Education Loan Scheme for Local University Studies
  • KOJADI Education Loan Scheme for Foreign University Studies
  • KOJADI Education Loan Scheme for Independent Secondary School Certificate Holders
  • KOJADI Education Loan Scheme for Early Childhood Education
  • KOJADI Education Loan Scheme for Universiti Tunku Abdul Rahman

Eligibility

  • The applicant must be a member of KOJADI with RM100 initial shares.
  • The applicant must hold the requisite additional shares ranging from RM500 to RM2,000 shares for each child depending on the loan amount applied for.
  • The applicant must nominate a child/nominee under a relevant loan scheme.
  • The nominated child/nominee must have gained admission to an approved institution of higher learning locally or abroad.

Loan amountMaximum amount of loan is RM 35,000 and released in two or three disbursements over the entire duration of the course of study.

How to apply?

  • Obtain and follow the rules of the relevant loan scheme.
  • Complete a prescribed membership application form and loan application form ([email protected])
  • Submit the relevant loan documents ([email protected])

Contact info

Tel:

03-21616499 (Membership and Loan Department)

Email: 

[email protected]

Address:Koperasi Jayadiri Malaysia Berhad (KOJADI)11th Floor, Wisma MCA,163, Jalan Ampang,50450 Kuala Lumpur.www.kojadi.my

Official website:

http://kojadi.my/v2/index.php?option=com_content&view=article&id=83&Itemid=892&lang=en

MIED

MIED has been providing financial aid to students from the Malaysian Indian community since 1984 in order for them to pursue their tertiary education

Maju Institute of Education Development (MIED) since 1984 has supported students in need by providing study loans to pursue their higher education and today it has become the leading provider of study loans to members of the Malaysian Indian community seeking such assistance for further education.

Eligibility

  • A Malaysian citizen.
  • Applicants must have at least five credits in the SPM examination and preferably active in extracurricular activities.
  • Have gained admission into an Approved Institution for an Approved Course.
  • Preference will be given to students who obtain admission into TAFE COLLEGE, Seremban and AIMST UNIVERSITY, Kedah.

Loan amountThe study loan will only cover part of tuition fees which will be paid directly to the institutions.

How to apply?

  • Please fill up application form online here
  • Download and print the completed form
  • Duly completed Study Loan Application and Study Loan Checklist Forms with all the required documents must be returned to the address stated below

Contact info

Tel:

03-40452689 / 03-40503107

Address:Maju Institute of Education Development (MIED),8th Floor, Menara Manuckavasagam,No. 1, Jalan Rahmat,50350 Kuala Lumpur.

Official website:

www.mied.com.my

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