PETALING JAYA: It took her six years but a lecturer from Kuching can proudly say that she has repaid her student loan.
Identified only as Amy, she had obtained a loan of RM7,350 from the National Higher Education Fund Corporation (PTPTN) which she gradually settled by paying about RM50 to RM100 monthly.
It was important for her to honour the legal agreement signed by borrowers.
“Repaying these loans ensures that future generations can also benefit from PTPTN funding.”
“Additionally, it helps fresh graduates establish a good credit score,” Amy said.
However, Higher Education Minister Datuk Seri Dr Zambry Abdul Kadir revealed that RM11.32bil in arrears is owed by 1.25 million loan defaulters.
He said on Tuesday that these borrowers should explore possible repayment arrangements.
The “myPTPTN Anytime, Anywhere!” campaign is ongoing from now till March 31, allowing borrowers the opportunity to win cash prizes totalling RM25,000.
There will be 25 winners, each getting RM1,000 in the form of loan repayment credits.
Several previous borrowers shared how PTPTN’s discounts and flexible payment options helped them settle their loans.
“It took me a few years to pay back. I got my PTPTN loan converted to a scholarship for my diploma course because I graduated as a first-class honours student,” said Julian Sanjivan, 42.
“I also got a considerable discount (for the loan for my undergraduate studies) because I paid off the balance in a lump sum after a few years of monthly payments,” he said.
Julian, who is now an independent non-profit consultant in New York, said repayments ensure others can benefit.
“That’s why paying back is so important. And PTPTN provides various ways to help make it easier for repayments.”
He also said that they could approach the Credit Counselling and Debt Management Agency for help restructuring their debts.
For executive Leena Abdul, she began clearing her RM24,000 loan gradually after securing a job following her graduation in 2004.
“I started settling the loan after I completed my master’s degree. The loan was taken for my bachelor’s degree studies. I went to the PTPTN office to ask for a deferment, which they allowed, while I went overseas to do my master’s.”
When she returned home, she applied for a restructuring of the loan, which reduced the payable amount.
And it further helped her when Budget 2013 outlined a 20% discount of the total loan to those who cleared their loans in one lump sum within the Oct 1, 2012 to Sept 30, 2013 period.
“So, I settled the lump sum,” said Lena, 45.
Teacher Sulastri Abdul Aziz (pic), 44, also firmly believes that all debts must be paid.
“I started repaying as soon as I began work in 2004. It was deducted from my salary.
“Towards the end, there was an offer for a 20% discount for those doing a full settlement. I ‘dug out’ all the money I had and settled the remaining sum,” she said.
Senior executive Yong S. Z. made it a priority to repay her student loan after graduating about five years ago.
She was mindful of the potential negative impact on her credit score.
Yong, 30, cut back on dining out besides reducing unnecessary expenses to ensure she had enough for her loan repayments.
Her wish now is to clear her debt as soon as possible.
Kok Yi Wei, a 24-year-old master’s student, started repaying her PTPTN loan after completing her bachelor’s degree.
“This is to avoid accruing more interest and to have savings for my other financial goals.
“By reducing low-priority expenses and allocating a specific portion of my budget for loan repayment, I am committed to managing my finances responsibly,” she added.
