Govt reintroduces PTPTN discount, up to 15 pct off

 

BUDGET 2022 | Putrajaya will reintroduce a discount on the repayment of loans under the Higher Education Loan Fund (PTPTN).

Finance Minister Tengku Zafrul Abdul Aziz, when tabling Budget 2022 in the Dewan Rakyat this evening, said those who settle their PTPTN loans in full will be given a 15 percent discount.

He added that those who opt for partial settlement will be given a 12 percent discount if they settle at least 50 percent of their loan.

Furthermore, borrowers who choose to repay through an automatic deduction of their salary will get a 10 percent discount.

“It is one’s duty to repay one’s loan, or else, other children will be denied the opportunity (of an education loan) in future.

“To facilitate the repayment process and cultivate a responsible attitude, the government has agreed to offer a discount on the repayment of PTPTN loan,” Zafrul said.

He said the discount period will begin on Nov 1, 2021 and will last until April 30, 2022.

The discount was first introduced under the Najib Abdul Razak government but was discontinued after Budget 2018.

Previously, the government offered a 20 percent discount on full settlement and 10 percent discount on partial settlement of at least 50 percent.

Zafrul also announced the PerantiSiswa Keluarga Malaysia programme, which will see all varsity students from B40 families given a tablet with a budget of RM450 million that will benefit some 600,000 students.

He noted that the students, particularly from poor families, have struggled with online studies during the Covid-19 pandemic.

The finance minister also announced that the back to school aid will be increased from RM100 to RM150 for 2022.

Similarly, RM450 million will be budgeted for this, benefitting three million school students.

The aid is for school students from households with a monthly income of RM3000 or less.

The government will also allocate RM1 billion for the repair of schools for government schools, vernacular schools and religious schools. - Mkini