PUTRAJAYA: The Ministry of Higher Education (MOHE) hopes that the initiatives outlined in Budget 2023 can proceed as planned to safeguard the welfare of borrowers of the National Higher Education Fund Corporation (PTPTN) loans and depositors of the National Education Savings Scheme (SSPN).
Its minister, Datuk Seri Dr Noraini Ahmad said in a statement today that the PTPTN loan repayment exemption for all borrowers who obtained a first class bachelor’s degree was one of the initiatives in Budget 2023 tabled by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz last Oct 7.
“The other initiatives taken are the increase in the rate to 100 per cent of PTPTN loans and the provision of computer loans for the M40 group, as well as individual income tax relief of up to RM8,000 for annual net savings in SSPN extended until 2024.
“For the PTPTN loan repayment exemption, applications have been open since last Sept 15 until Dec 31, 2022 to all borrowers who graduated starting in 2019, having obtained a first class bachelor’s degree, regardless of economic status, race and religion.
“Apart from that, in the presentation of Budget 2023, discount incentives were also offered for PTPTN loan repayment from Nov 1, 2022 to April 30, 2023, including a 20 per cent discount on the remaining loan for full settlement, a 15 per cent discount for paying at least 50 per cent of the balance owed in one payment, and a 15 per cent discount on repayment through salary deduction or direct debit based on the schedule,“ she said.
Noraini said MOHE was confident that these initiatives could inject motivation for all students to study hard to obtain excellent results. – Bernama