PTPTN LOAN REPAYMENT
KUCHING: The National Higher Education Fund Corporation (PTPTN) borrowers are generally grateful if repayment of their loans could be deferred.
PTPTN chairman Wan Saiful Wan Jan was recently quoted saying that the deferment of payment by borrowers with a monthly salary below RM4,000 is the fourth and last unfulfilled promise by the Pakatan Harapan (PH) government as contained in its ‘Buku Harapan’ (Book of Hope).
The three fulfilled promises thus far included study loan payment exemptions for excellent students from low-income (B40) and middle income (M40) families, lifting the overseas travel restriction for blacklisted PTPTN borrowers, and employers of borrowers who cannot afford to pay their loans being given incentives such as tax exemption to help them pay the loans.
Legal assistant Allen Liew, 24, offered two points of view, firstly that the fulfilment of the last promise would definitely be of great help to borrowers earning less than RM4,000 in view of the rising cost of living in Malaysia.
“However, by entering into a PTPTN contract with the government, we have accepted to make the repayment as soon as practicable after we get a job— so there is no excuse not to pay the loan even if one is earning less than RM4,000,” he said.
He pointed out that most fresh graduates were earning below RM4,000 per month, and with so many students applying for PTPTN loan every year, deferring repayment would strongly impact the economy.
Thus, he felt it was acceptable if the PH government was unable to fulfill its fourth promise.
Finance analyst and event specialist Aimi Hafiza, 29, said that the three fulfilled promises were commendable, but she was on the fence regarding the deferment of PTPTN loan repayment.
“If the repayment is deferred for too long, we would still need to be paying it off when we are old,” she remarked, pointing out that there was the interest rate to consider as well.
Immanuel Toysim, 24, said borrowers should pay off their debts.
“In a nutshell, this group of PTPTN borrowers will never be truly satisfied until the PH government implements the ultimate promise — exemption of paying the loan altogether,” he told New Sarawak Tribune.
Auditor Sabrina Ku, 25, described the fourth promise as crucial in easing the burden of borrowers and she urged for it to be fulfilled as soon as possible.
Meanwhile, Albrenner Depa, 24, said that the people should have a mindset that what was borrowed has to be paid back — including PTPTN loans.
“Loans have to be paid, especially if they are advanced using government funds, which are public money,” he said.
He suggested for the salary limit of RM4,000 to be lowered to RM2,500 and for a more logical repayment plan to be introduced.
Creative executive Alyssia Harun Wong, 27, felt that three out of four promises fulfilled was better than none at all.
She felt each situation was different, such as some fresh graduates having obligations to support their family.
“However, as young adults, we need to be financially wise in our spending and be responsible with paying back our loans,” she said.
Psychology graduate Sabrina Petrus, 28, was of the view that the final promise was as important as the first three, highlighting the instability of the economy and high cost of living these days.
“I think borrowers would prefer to pay smaller amounts over a longer period of time,” she said.
