“The ICLR PTPTN repayment scheme will be suspended for the time being until we receive collective inputs and feedback from all stakeholders,” Education Minister Maszlee Malik, announced on Twitter
The Malaysian people is a stakeholder, as this was OUR money loaned to assist students get their diploma/degrees - and some of these students have defaulted in their repayment, and total
KUALA LUMPUR: The amount of student loans owed to the National Higher Education Fund (PTPTN) is almost equivalent to the total debts suffered by the scandal-riddled 1Malaysia Development Bhd (1MDB), said Tun Dr Mahathir Mohamad.The Prime Minister said PTPTN defaulters owed RM39bil in outstanding repayments.“It’s about the same (amount) as the money lost through 1MDB.“That’s how much money that has not been paid to the Government for what it spent on education and therefore opportunities for a better job and income,” - Star, 12/8/2018
National Higher Education Fund Corporation (PTPTN) - this scheme helped many students and the families with a LOAN to further their studies...The poor would have benefited much - no more the need to sell land/homes to get money for a child to further studies...No need to get loans from 'illegal' money lenders with very high interest...
SADLY, some of these Malaysian students defaulted on the agreement when it came to repayment of these student LOANs? It is a shocking revelation on their CHARACTER - untrustworthy, 'dishonourable', 'janji tak ditepati'(promises not fulfilled) attitude...
When this loan was granted, the borrowers and their guarantors signed an agreement as to how the loans will be repaid, which should have also included when and how the repayment has to be done. The effect of defaulting would have also been stipulated in the the said Agreement.
The liability for default falls not simply on the borrower but also on the guarantors. Yes, the guarantors agreed to pay back the loan if the borrower fails and/or is unable to pay back the loan. Now, lot of attention on the borrowers but what about the guarantors.
Now, the defaulters are back with their degrees, diplomas, masters...and are now earning so much more than the Minimum Wage. The repayment obligation is really minimal, in some cases lesser than the Astro Bill or phone bills. Can they pay? Yes, they can settle their debts...but alas, some did not.
This could have been a 'bad culture' that was propagated by the previous UMNO-BN government...Should they be allowed to escape the obligation to settle their debts? Obviously no...because this money really belongs to the Malaysian people...not some private Bank or company.
But alas, some political parties want votes and support from these defaulters and guarantors, and so legal action was not taken against defaulters...and defaults were allowed...now these Malaysians without honour owes us billions of ringgit.
The new government proposal for repayment was reasonable - i.e. having to pay back about RM50 if earning RM2,000 and about RM200 for those earning RM4,000...Are they poor, or have they just having more financial obligation because they bought a new expensive car or even a home?
If they all repaid the loan, we could help give more loans to other Malaysian students...So, their default is affecting also other students who need financial assistance..
The government cannot suddenly deduct from wages - this is not permitted in law, which is very specific about advances that can be given to workers, and also what can be deducted from wages. [However, the PTPN can enter into a new agreement that allows deduction monthly from bank accounts - but the borrower and guarantors must agree to the amendment.] To change the original agreement, both parties must agree - so the government and/or PTPN cannot simply change the agreement on their own.
So what PTPN and/or government do? Well, they should take court action and sue all defaulters and guarantors? A consent judgment could be entered varying the mode of repayment. Alternatively, a new agreement could be entered varying the mode of repayment...
Maybe, if there is going to be variation as to the manner of repayment. We could insert conditions that the borrower should not purchase vehicles above RM50,000 or houses/land above RM50,000 until their loan is settled...
An employer really would not want to employ such people who cannot be 'trusted'. Banks/Financial Institutions may also think twice about giving them loans...and certainly, the Malaysian government SHOULD NOT give them any new loans for whatever reasons until the study loan debts are fully settled.
Yes, 225,000 borrowers earn less than RM2,000 - have they been making payments? Have they written to PTPN asking for delays in repayment? For those, who simply did not pay or ask for delays/changes in repayment, then, legal action should be taken against them - and followed by 'seizure and sale' of their property, etc to recover the monies owed.
Maybe, PTPN defaulters should listed - so, employers and others will know before they employ or enter into business dealings. One who fails to settle debts is a RISK - most likely, they may break promises in the future...
WHAT ABOUT THE OTHER LOANS GIVEN BY THE GOVERNMENT? What has happened? Has it been settled?
What about the 'financial assistance' given to small businesses, etc ...most of the time it is a 'loan'. An acquaintance once said that many consider it like striking lottery - they spend quickly buying big cars and adopting a 'rich man's lifestyle - they do not have any intention to pay back ...and is always confident the previous government will always 'help' again...How much of the people's money is lost that way?
Anwar Ibrahim was not happy with the government repayment proposal - but once again, Anwar had no suggestions as to what should be done. Many a politician is good at pointing out flaws and wrongs but at the same time do not have any suggestion as to shat should be done instead...Sadly, this is Anwar's weakness...What does PAS think we should do? Has PAS made any suggestions? What about PRM?
PTPTN borrowers needing ‘special consideration’ can appeal, says Wan Saiful
PETALING JAYA: The National Higher Education Fund Corporation (PTPTN)
today said it is ready to hear the grouses of borrowers, some of whom
have been asked to pay as much as RM1,200 a month as repayments for
their study loans.
PTPTN chairman Wan Saiful Wan Jan said in a statement that the loans
must be paid back as borrowers had agreed to this when they signed the
contract.
However, he is ready to consider the pleas of those in need of “special consideration”.
Yesterday, Wan Saiful, at a briefing on the new mechanism announced
in Budget 2019, said borrowers earning RM2,000 and above will have 2-15%
of their salaries deducted to repay their student loans.
While the repayment amount for those earning RM2,000 is only RM40 a
month, the figure spikes for those earning RM8,000 and above as they
will have to fork out 15%, or RM1,200, each month.
This has resulted in many PTPTN borrowers voicing their frustration
on social media, saying they are unable to pay the hefty amounts and
take care of their families at the same time.
Wan Saiful said the scheduled salary deductions (PGB) by the employers do not breach the contract signed by borrowers.
The students had agreed to pay back their study loans through any
means set by PTPTN, including PGB, he said in response to those who
claimed that the scheduled deductions were against the contracts that
they signed.
“There are also those who claim employers have no right to make deductions through their salaries.
“Section 29 of the PTPTN Act 1997, empowers PTPTN to instruct
employers to make these salary deductions. The law is already in place,”
he said.
Wan Saiful further defended PTPTN’s move to get borrowers to pay up
as this is meant to benefit new students who would need help to finance
their studies in future.
“This was not an easy decision for us to make,” he added.- FMT News, 6/12/2018
Education ministry suspends new PTPTN repayment scheme
PETALING JAYA: The education ministry has suspended a new repayment
scheme for the National Higher Education Fund Corporation (PTPTN)
borrowers, a day after it was announced.
“The ICLR PTPTN repayment scheme will be suspended for the time being
until we receive collective inputs and feedback from all stakeholders,”
Education Minister Maszlee Malik, announced on Twitter today, referring
to the Income Contingent Loan Repayment (ICLR).
Yesterday, PTPTN chairman Wan Saiful Wan Jan said borrowers earning
less than RM2,000 a month will be exempted from repaying their student
loans.
Under the new mechanism, known as scheduled salary deductions (PGB),
borrowers earning RM2,000 and above will have between 2% and 15% of
their salaries deducted to repay their student loans.
The new scheme, however, did not sit well with the borrowers who
flooded the fund’s Facebook page with complaints and pleas for
reconsideration, saying the new repayment mechanism is unfair and a
breach of their existing contracts.
Maszlee’s announcement came hours after Wan Saiful said he was ready to listen to the grouses of borrowers.
Wan Saiful also said the loans must be repaid as borrowers had agreed
to this when they signed the contract, but he was prepared to consider
the pleas of those in need of “special consideration”.
He defended PTPTN’s move to get borrowers to pay up as it was meant
to benefit new students who would need help to finance their studies. - FMT News, 7/12/2018
Anwar will raise concerns on PTPTN salary cuts with Wan Saiful, Maszlee
(File
pix) PKR president Datuk Seri Anwar Ibrahim when asked to comment on
the backlash said he would raise the matter with Wan Saiful as well as
Education Minister Dr Maszlee Malik. NSTP/ Mohamad Shahril Badri Saali
KUALA
LUMPUR: Much has been said following National Higher Education Fund
Corporation (PTPTN) chairman Wan Saiful Wan Jan announcing the scheduled
salary deduction (PGB) scheme for borrowers which will come into effect
next month.
Borrowers have also raised concern that this would be burdensome to them.
PKR president Datuk Seri Anwar Ibrahim when asked to comment on the backlash said he would raise the matter with Wan Saiful as well as Education Minister Dr Maszlee Malik.
“I will raise concerns of the borrowers for consideration of the minister and the chairman,” said Anwar.
He also informed that his smartphone has been bombarded with messages from PKR members complaining about the scheme following the announcement.
Meanwhile, PKR Youth chief Akmal Nasrullah Mohd Nasir also raised objections on the new scheme, asking PTPTN to delay the implementation of the PGB scheme.
Citing negative reaction from borrowers following Wan Saiful's announcement, Akmal said the increase in repayment percentage as compared to monthly income including existing agreements between PTPTN and borrowers should be looked into.
He said he received complaints from borrowers who already have existing agreements on a certain repayment amount with PTPTN, but beginning January, they would need to pay a much higher amount than the one previously agreed upon.
"I hope PTPTN will delay the implementation of the PGB scheme based on the percentages announced yesterday, immediately, so there is room for PTPTN to obtain feedback from borrowers," Akmal said.
He added that he would request for a meeting with Wan Saiful to further discuss the matter. - NST, 6/12/2018
Borrowers have also raised concern that this would be burdensome to them.
PKR president Datuk Seri Anwar Ibrahim when asked to comment on the backlash said he would raise the matter with Wan Saiful as well as Education Minister Dr Maszlee Malik.
“I will raise concerns of the borrowers for consideration of the minister and the chairman,” said Anwar.
He also informed that his smartphone has been bombarded with messages from PKR members complaining about the scheme following the announcement.
Meanwhile, PKR Youth chief Akmal Nasrullah Mohd Nasir also raised objections on the new scheme, asking PTPTN to delay the implementation of the PGB scheme.
Citing negative reaction from borrowers following Wan Saiful's announcement, Akmal said the increase in repayment percentage as compared to monthly income including existing agreements between PTPTN and borrowers should be looked into.
He said he received complaints from borrowers who already have existing agreements on a certain repayment amount with PTPTN, but beginning January, they would need to pay a much higher amount than the one previously agreed upon.
"I hope PTPTN will delay the implementation of the PGB scheme based on the percentages announced yesterday, immediately, so there is room for PTPTN to obtain feedback from borrowers," Akmal said.
He added that he would request for a meeting with Wan Saiful to further discuss the matter. - NST, 6/12/2018
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