If you are a student pursuing higher institutes of learning such as colleges, polytechnics and universities all across the country, you must most surely know what PTPN means.
If on the other hand, you aren’t a student yourself, then most certainly you must either be a parent or a guarantor for a loan taken by a niece or nephew for further education.
I for one should know about PTPTN.
Firstly, I am a father myself. And my youngest daughter graduated from Multimedia University (MMU) in Cyberjaya, Selangor. PTPTN is Bahasa Malaysia means Perbadanan Tabung Pendidikan Tinggi Nasional or the National Higher Education Fund Corporation.
PTPTN receives its funds from the Employees Provident Fund (EPF). It then disburses the above education funds it receives from the august body to needy and deserving students, irregardless of racial ethnicity. All Malaysian students undergoing higher education studies are eligible or allowed to seek a loan from PTPTN.
As a matter of fact, thousands, if not millions of poor students have since managed to secure their degrees and diplomas from higher educations of learning because of PTPTN’s. It cannot be denied, the government that launched the loan funds has helped deserving students.
Since some nearly 13 years ago, it has been reported to have done an indeed good job of providing 1.6 million students with loans to get them through the universities and other higher education centres of learning. Many without doubt would have faltered halfway through their studies otherwise.
I remember vividly two close buddies of mine, a one En. Rashid and another En. Salim taking PTPTN loans to help them through their degrees. Bother were then in their 40s when the loans were taken.
However, I am uncertain if both En. Rashid and En. Salim finally repaid their loans taken. Such is the problem currently being faced by the PTPTN chairman, Datuk Ismail Mohd Said and the PTPTN Corporation today.
In the latest article on PTPTN loans which appeared in the Star newspaper daily dated 20th September 2010, PTPTN has informed the Malaysian public, it plans to enforce salary deduction next year (2011).
It is said, PTPTN will be making mandatory deductions from the salary of borrowers, the latest by June 2010. Borrowers of the loan are therefore advised to head this stern warning and to take a serious vide of the above threat by PTPTN. Unless of course you want to be blacklisted and hauled to the courts by the authorities concerned.
According to Datuk Ismail, presently some 46,000 PTPTN borrowers have been blacklisted for failure to respond to PTPTN’s notices. 5000 have been reported to have been issued with court orders to repay their loans with additional interests imposed upon them.
Further explanations by Datuk Ismail, who incidentally is also the Member of Parliament for Kuala Krau, the PTPTN needs to service the loans with EPF authority. Besides this, PTPTN needs to continue providing educational loans to other students who are also seeking educational fund from it.
Speaking about repayments, according to Datuk Ismail, most students who failed to repay their loans are their “wouldn’t care less” attitudes and also their not having a job currently. Details regarding the latest PTPTN move to compel compulsory repayments upon students who have failed to service their loans will be discussed at the end of September 2010.
Amongst moves would also include the proposal to amend the Perbadanan Tabung Nasional Act 1997. This amendment will either be tabled in Parliament this October or the latest by March 2011. When the proposal is approved, PTPTN defaulters have no other choice but to repay their loans.