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Published by Afterschool.my on Oct 25, 2016, 03:29 pm
The incentives announced in budget 2017 will encourage more borrowers to repay their students loans.
Following the announcement of budget 2017, The National Higher Education Fund Corporation (PTPTN) is expecting an increase in the repayment of student loans due to the discounts declared by the government.
According to the fund's chairman, Datuk Shamsul Anuar Nasarah, online payments are projected to rise to 40% from its current rate of 30%. Additionally, repayment through the salary scheme is projected to rise from 10% to 20%.
Borrowers are urged to take full advantage of this opportunity as it will greatly ease the burden of settling the commitment to PTPTN. Shamsul was quoted saying that the incentive announced in the 2017 budget will benefit all borrowers, including those who are subjected to enforced actions and/or those who have been blacklisted. He also said that it is important for borrowers to repay and settle their loans in a consistent manner. In return, this would help future borrowers and ensure the continuity of the fund which would secure education opportunities for next generations.
The incentive includes: 15% discount for those who fully settle the outstanding debt, 10% discount for those who settle at least 50% of their loan in a single payment, and 10% discount for repayment through online/direct deposit and repayment through salary deduction.
This discount became in effect on October 22nd, 2016 till December 2017.
There are 2.49 million borrowers as of July of 2016. At least 111,000 borrowers have been barred from travelling outside of the country due to failure to pay. PTPTN has recovered only RM8 billion as of this year out of RM56.4 billion released since 1997.
To counter the lack of repayments, in 2014 PTPTN announced that the loan for students in public institutions was reduced by 5%, while loan for students in private institutions has been reduced by 15%.
Additionally, the criteria of giving loans to students has been changed. Students of low income families and families who receive the 1Malaysia People’s Aid (BR1M) are eligible for a full loan. Students from families with a monthly income of less than RM8,000 receive 75% of the total amount of the loan, and students from families with a monthly income exceeding RM8,000 will receive 50% of the loan.
The number of students receiving the loan has been reduced from 180,000 to 102,000 students in 2015.
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