KUALA LUMPUR: Majlis Amanah Rakyat (Mara) announced a 50 per cent discount to MARA Education Loan borrowers who failed to make the grade in their respective fields, said its chairman Tan Sri Annuar Musa.
Annuar said the offer was given to students who fail to complete their studies for whatever reason, including those facing legal action in court, regarding the loan.
“Where previously students who failed in their studies had to pay 100 percent of their loans, we have decided to ease their burden by offering a 50 percent discount on their loan balance,” he told reporters at the Parliament lobby here today.
At the press conference, Annuar said borrowers in 2010 and those who had graduated before that but did not get a refund and reduction facilities, were offered a discount of 50 percent on their loan balances on March 25 but now they get an additional 20 percent discount.
Annuar who is also the MP for Ketereh said all the offers may be subject to the borrower who makes a lump sum payment from the outstanding loan amount.
He said the application must be made online on the MARA portal http://insentif50.mara.gov.my and open only until Dec 31 this year.– BERNAMA