MOHE: MOF To Decide On PTPTN Loan Repayment Discounts Under Budget 2024

Alex Cheong Pui Yin

5th October 2023 - 2 min read

Minister of Higher Education (MOHE) Datuk Seri Mohamed Khaled Nordin has emphasised that it is up to the Ministry of Finance (MOF) to decide if the National Higher Education Fund Corporation (PTPTN) repayment discounts will make a comeback under the upcoming Budget 2024.

“Anything related to that matter (discount for PTPTN loan repayments) is subject to the decision of the MOF,” said Datuk Seri Khaled, adding that as of now, there is no news of it being continued as of yet.

For context, the government had agreed under Budget 2023 to provide discounts of up to 20% on PTPTN loan repayments between 1 March until 31 May 2023, depending on specific requirements. To enjoy the maximum 20% discount, borrowers were required to fully settle their remaining loans, whereas those who settled at least 50% of their total outstanding debt or made repayments through salary deductions and scheduled direct debit were entitled to a 15% discount. Finally, those who repaid their loans via the myPTPTN app were eligible for a 5% discount.

In addition to the discounts, PTPTN also introduced a new loan payment deferment programme, aimed at borrowers who earn a monthly salary of RM1,800 or below. These individuals could apply for a six-month deferment if they were struggling financially.

At present, however, Datuk Seri Khaled said that MOHE is focused on three key items for Budget 2024, namely digitalisation, research and innovation, as well as student housing.

“We are hoping that the government will support our application to implement and apply digitalisation in a bid to make the management of the higher education ecosystem in the country a success. We believe that through digitalisation, we can improve and further escalate efforts to ensure we continue to excel in the higher education sector,” said Datuk Seri Khaled.

(Source: The Sun Daily)

0 0 votes

Article Rating

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles