KUALA LUMPUR: The National Higher Education Fund Corporation (PTPTN) approved close to four million loan applications worth RM71.3bil by the end of December last year.
"As of 31 December 2023, PTPTN had approved 3,951,404 loan applications with total withdrawals amounting to RM71.3bil," the Higher Education Ministry said in a Parliamentary written reply dated Monday (Nov 11).
Of this, repayments for 2,716,110 borrowers totalling RM32.29bil should have begun, it added.
Providing a racial breakdown, PTPTN reported that 2,842,682 or 71.9% of the borrowers were bumiputra, while 1,108,722 or 28.1% were non-bumiputra.
The Higher Education Ministry said PTPTN loan facilities are open to all Malaysians pursuing higher education at public or private institutions, as well as polytechnics.
In September, Higher Education Minister Datuk Seri Dr Zambry Abd Kadir said a total of 430,000 borrowers have failed to repay their loans from PTPTN, amounting to an estimated RM6bil.
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Zambry added that these borrowers have never made any repayments to PTPTN despite many having established careers.
He said that unpaid loans have steadily increased each year, directly impacting PTPTN’s financial resources.
Zambry added that PTPTN plans to take legal action against these defaulters.
"I have been informed by PTPTN regarding this matter, but the details concerning enforcement are still being finalised. For now, we remain reasonable and will not close the door on negotiations for those who wish to settle their debts," he said.
