The higher education ministry has welcomed Prime Minister Anwar Ibrahim’s proposal for the government to look into reviewing loan rates and debt repayment terms under the National Higher Education Fund Corporation (PTPTN) to aid borrowers.
In a statement last night, the ministry said PTPTN will continue to assist borrowers to settle their debts via negotiations for more flexible repayments and ensuring they are not burdened, Bernama reported.
It added that its “empathetic approach” was to ensure borrowers were given ample time to settle their debts.
“This is also to ensure that higher education in Malaysia remains inclusive, sustainable, and relevant for future generations.
“Therefore, the ministry welcomes the prime minister’s proposal that the government is considering reviewing loan rates and debt repayment terms while also addressing the issue of high outstanding debts,” it said.
The ministry also announced that PTPTN’s accumulated debt has reached RM40 billion, with outstanding debts totalling RM11 billion to date.
“The ministry is aware of students’ concerns and is currently examining PTPTN’s overall financial position and sustainability to review the loan rates.
“The ministry, through its higher education institutions, is also attentive to students’ concerns and provides appropriate assistance to those facing difficulties during their studies,” it said, according to Bernama.
At an event held at the International Islamic University Malaysia yesterday, Anwar said the govt will consider reviewing any increase to the loan rate.
“We just have to hold on for now. We will help students in terms of their needs, but I think we need the courage to revise (the rates and terms).
“I reiterate my earlier point that we can resolve this if we tax the very rich. Those parents who are very rich should pay (their taxes).
Last month, deputy higher education minister Mustapha Sakmud said the government was considering bringing back the travel ban, among other measures, to boost loan repayments among PTPTN borrowers.
In January, PTPTN issued 2.1 million reminder notices to borrowers who had failed to repay their loans according to their set schedules.
About 13.55%, or 383,637 borrowers, were reported to have defaulted on their PTPTN loans at the end of last year. - FMT
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