Tuesday October 30, 2012
PTPTN goes on ad blitz
By LOSHANA K SHAGAR and ROZAID A. RAHMAN
PETALING JAYA: The National Higher Education Fund Corporation (PTPTN), boosted by an increase in repayment of loans following a 20% discount “offer” announced under Budget 2013, is following this up with an advertising blitz.
The advertisements in newspapers and billboards feature the sentence “Pay your PTPTN loans now to enjoy the following incentives” and state the discounts followed by five methods of repayment.
In the Budget 2013 tabled last month, Prime Minister Datuk Seri Najib Tun Razak announced the 20% discount for those who settled their outstanding amounts in full by Sept 30 next year.
Those who failed to meet the deadline but had diligently paid their loans on time for the 12-month period would also be entitled to a 10% discount.
PTPTN chairman Datuk Ismail Mohamad Said had said 23,424 borrowers had applied for the discount, of which 179 applicants were qualified to a discount of RM325,000 for their loans totalling RM1.63mil.
“PTPTN has (as of Oct 11) collected RM1.3mil in debt from those who paid in full. This is a very good initiative by the Government to encourage more to repay their loans,” he said.
Ismail added that none of the 132,801 blacklisted recipients, who also qualify for the discount, had applied for it.
The discount is currently funded by PTPTN's reserve fund, but will later on be funded by the Finance Ministry.
Higher Education Minister Datuk Seri Mohamed Khaled Nordin said the Government had given the incentive to encourage borrowers to make early payments as the funds could be reused for new students who need financial support.
He added that the move also allowed for leniency to graduates, who were still unemployed and could not afford to make the payments as scheduled.