Siti Nurmaisarah Sabri had trouble repaying her National Higher Education Fund Corporation (PTPTN) loan after losing her job during the Covid-19 pandemic.
Siti, who did a diploma in tourism management, took out a study loan of RM13,500 while studying at Universiti Teknologi Mara (UiTM) Dungun in Terengganu.
She graduated in 2016 but was unable to continue her repayments as she was laid off and remained unemployed for two years.
This caused her loan arrears to snowball into the thousands.
“Before the pandemic, I was paying RM115 a month. After two years, I got a new job and wanted to resume my repayments, but because of the arrears, I had to pay around RM200 a month instead.
“So I took the initiative to go to the PTPTN office, where the officer suggested that I restructure my loan. We negotiated until we agreed on a lower monthly payment amount,” she told FMT.
Now, the 30-year-old from Sabah only needs to pay RM100 a month for nine years.
However, she chose to settle part of the arrears using her EPF savings, which shortened the repayment period to just three years.
She expects to finish repaying her loan by 2028.
Siti urged PTPTN borrowers to make use of the loan restructuring facility, which she described as very helpful and able to improve Central Credit Reference Information System records.
“If you do nothing, the arrears will make loan applications, such as for housing and vehicle financing, much harder,” she said.
‘Thank God, it’s all settled now’
Azlan Suhaimi said he was glad he had managed to settle his RM18,000 PTPTN loan within two years.
The facilities and security executive at a private university in Shah Alam said he had set a goal early on to clear all his debts, including his PTPTN loan, before turning 30.
“I paid RM180 every month, and thank God, it’s all settled now. I’m very relieved,” the 26-year-old Universiti Malaysia Sarawak graduate said.
He added that borrowers do not have to wait until they are financially stable to start repaying their loans as they can discuss the best repayment method for them with PTPTN.
PTPTN provides opportunities for all borrowers facing repayment difficulties to come and negotiate through the #PTPTNBolehBincang initiative.
PTPTN has also launched #PTPTNSediaBantu, an initiative offering various service channels that are easier, faster, and more secure, while assisting borrowers with loan repayment inquiries and related matters.
First-year student Tan Yee Hao, from a private university in Wangsa Maju, hoped previous borrowers would repay their PTPTN loans so that the next generation – including himself – can benefit from the education fund.
Tan, 19, said PTPTN loans were essential in easing the financial burden on parents, especially for students from low-income families.
PTPTN urges borrowers who have not made any repayment to visit its offices, negotiate with PTPTN officers, and restructure their loans with a more flexible payment plan based on their financial capability.
There is no charge for loan restructuring applications.
Download the myPTPTN app for consultations on loan restructuring applications and to access easier, faster, and safer information.
