PTPTN Borrowers Eager to Take Advantage of Loan Settlement Discounts

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PETALING JAYA: It has been three years since discounts have been offered to National Higher Education Fund Corporation (PTPTN) borrowers, and they are happy with the potential savings.

The government has agreed to give discounts to PTPTN borrowers if they make payments between November 1 and April 30, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said.

He said borrowers would get a 15% discount if they paid off their loans in full.

“(There will be) a 12% discount for payments if at least 50% of the outstanding balance in one payment (is made),” he said when tabling the 2022 budget yesterday.

He also said there would be a 10% discount if repayments were made by payroll deduction or direct debit as per the schedule.

Chow Shenn Kuan, 25, from Taiping, said she was happy to hear about the discounts and savings she would get on her outstanding balance.

Chow said she diligently repaid her college loan through payroll deductions.

Calling the 15% reduction “a generous offer from the Malaysian family”, she said she would, however, continue to pay through payroll deductions as she did not have the funds to repay in full.

Masters student Ethan Ganes, 24, said he might opt ​​for the 10 per cent discount because he thought the full refund discount was too low.

“I don’t think many can afford to settle their loans in advance,” he added.

Meanwhile, 24-year-old Blake Tan also said he could opt for the 10% cut as soon as he gets a job.

“Any form of discount would be extremely helpful, especially for those of us in the B40 bracket.

“However, I don’t think many of us would be able to use the 15% and 12% loan repayment because we don’t have the financial means to do so, which is why we had to take out the loan,” he added.

Tengku Zafrul also said that RM450 million has been allocated to provide higher education students in the B40 group with mobile tablets.

He said the PerantiSiswa Keluarga Malaysia initiative will benefit 600,000 students.

Commenting on the initiative, Jinghann Hong, Senior (Programme) Officer of the Tunku Abdul Rahman Foundation, said the awarding of the digital tablets was “very encouraging news”.

“Even though universities have returned to physical classes, not all students are ready to return,” she said, adding that device delivery should be prioritized.

“It also goes without saying that the donation of devices must be associated with the improvement of the Internet infrastructure.”

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