MoHE hopes that proposals in Budget 2023 will be implemented.
The Ministry of Higher Education (MoHE) believes that the initiatives stated in Budget 2023 would be implemented as planned to protect the interests of National Higher Education Fund Corporation (PTPTN) loan borrowers and National Education Savings Scheme depositors (SSPN).
Its minister, Datuk Seri Dr Noraini Ahmad, said in a statement today that the PTPTN loan repayment exemption for all borrowers with a first-class bachelor’s degree was one of the proposals in Budget 2023, which was proposed by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz on October 7.
Other initiatives include increasing the rate of PTPTN loans to 100% and providing computer loans to the M40 group, as well as extending individual income tax benefit of up to RM8,000 for annual net savings in SSPN until 2024.
Applications for the PTPTN loan repayment exemption have been open since last September 15 until December 31, 2022 to all borrowers who graduated in 2019 with a first-class bachelor’s degree, regardless of economic condition, race, or religion.
Aside from that, discount incentives were offered for PTPTN loan repayment from November 1, 2022 to April 30, 2023, including a 20% discount on the remaining loan for full settlement, a 15% discount for paying at least 50% of the balance owed in one payment, and a 15% discount for repayment via salary deduction or direct debit based on the schedule.
MoHE is confident that these initiatives would motivate all students to work hard in order to achieve good achievements.
