PTPTN disposes over RM475 mln in loans for 16,959 students
Posted on June 30, 2012, Saturday
TEMERLOH: The National Higher Education Fund Corporation (PTPTN) has disposed of RM475.046 million in loans for 16,959 students who graduated with a first class degree as at May 31 this year.
Its chairman, Datuk Ismail Mohamed Said, said of the total, 12,529 students were exempted from paying their PTPTN loans totalling RM359.26 million after the loans were converted to scholarships.
A total of 4,430 students who graduated with a first class degree in 2005, 2006 and 2007 also had their PTPTN loans converted to scholarships worth RM116.2 million.
“Prior to this, they didn’t get the exemption, but luckily, the government had recently agreed to exempt them from having to repay the loans if they graduated with a first class degree.”
He said this to reporters after presenting the PTPTN loan advance to 124 students in Kuala Krau who had secured a place at public university this year yesterday.
Ismail, who is also Kuala Krau member of Parliament, said the government had spent RM5 billion to RM6 billion a year to provide study loans to students who entered public and private universities and since 1997 till May 31 this year, PTPTN had disbursed loans of RM44.18 billion to 1.98 million students.
He said the government was not planning to abolish the loans, but instead, would continue doing so to produce more knowledgeable graduates who would one day inherit the country’s leadership.
Meanwhile, Ismail also refuted the allegation made by certain quarters via social media and blogs that the PTPTN’s Islamic loan system known as ‘Ujrah’ was oppressive to the students.
“Those who tends to believe what they read on the blogs are advised to contact PTPTN personally to get accurate information about the concept of Ujrah,” he added. — Bernama
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