Higher Education Ministry does not plan to continue PTPTN loan repayment discount initiative under Budget 2024

PUTRAJAYA - The Higher Education Ministry (KPT) does not plan to continue giving National Higher Education Fund Corporation (PTPTN) loan repayment discount initiative under Budget 2024, said its Minister, Datuk Seri Mohamed Khaled Nordin.

However, he said, the matter is subject to the decision made by the Finance Ministry (MOF).

"So far, we are no longer continuing with it (discounts for PTPTN repayment),” he told reporters after the launching of the 2023 national-level Academic Day and Academic Month here today.

When tabling Budget 2023, Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister, said the government had agreed to give discounts of up to 20 per cent on PTPTN loan repayments for three months starting March 1.

In addition, the government also agreed to defer repayment for borrowers with a monthly income of RM1,800 and below for a period of six months to ease their financial burden.

There are four categories eligible for the initiative, namely a 20 per cent discount on the remaining debt for full settlement of the loan; a 15 per cent discount for the settlement of at least 50% of the total outstanding debt; a 15 per cent discount for repayments through salary deduction or direct debit; and a five per cent discount for repayment through the myPTPTN application.

Meanwhile, Mohamed Khaled said the ministry would also focus on three items under Budget 2024, namely digitalisation, research and innovation and student housing.

"We are hoping that the government will support our application to implement and apply digitalisation in a bid to make the management of the higher education ecosystem in the country a success.

"We believe that through digitalisation, we can improve and further escalate efforts to ensure we continue to excel in the higher education sector,” he said. - BERNAMA