Pity PTPTN - or should we?

The Star, 8th Nov. 2011.

 

KUALA LUMPUR: Laziness and forgetfulness. These were among the lame excuses used by several National Higher Education Fund Corporation (PTPTN) loan defaulters when questioned why they had dodged repayments when the New Straits Times did a mini survey yesterday.

 

An executive with a private firm, who wished to be known only as Kayla, said she did not repay her RM3,000 loan since the 2005 application because she had forgotten all about it. "I had applied for a Public Service Department (PSD) scholarship but due to a late reply from the PSD, PTPTN had already banked-in money for my first semester." She said her studies were later fully funded by the scholarship and the PTPTN loan was forgotten. Late last year, PTPTN sent a legal notice to my old address informing me to appear in court but I was unaware of it." The 24-year-old added she was now blacklisted and not allowed to leave the country without repaying the loan.

Another defaulter, who wished to be known only as Malik, said he stopped repaying the loan after a career change. "I just got lazy as my particulars had changed and there are too many forms to fill for a new address," said the 27-year-old advertising agent. Malik said he had only paid less than RM500 of his RM28,000 loan.

Private school teacher Veronica Anthony said loan defaulters were putting graduates who were repaying their loans in a bad light. "I am paying more than RM160 each month and wish to clear my RM48,000 loan as soon as possible." She said PTPTN authorities should provide more information on their website on how to make repayments as many graduates were clueless.

Polymer engineer Agilan Suparmaniam agreed that many defaulters did not know the proper channels to repay their loans. "I believe every graduate should be able to repay a minimum of RM80 each month, which I am currently paying to PTPTN." Agilan added it was his fifth month in repaying his RM28,000 loan.

PTPTN chairman Datuk Ismail Mohamed Said said he was compiling data and would hold a press conference on the matter today.

 

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Should we pity our PTPTN? That is where some of my tax money goes to. It went off to some ungrateful people who just refuse to understand the term "HUTANG".

 

If you pay RM160 per month to pay off your RM48,000 study loan, you will need 300 months to settle off, or 25 years.

If you pay only RM80 per month for your RM28,000 loan, you will need 350 months or 29.2 years to clear off your study debt. What a whopping unimaginable unacceptable stupidity!

25 years ago, about the year 1986, a cup of coffee may cost you around 60 cents. Today it costs about RM1.50. What's the price of a cup of coffee 25 years from now? RM5 perhaps? This is a cup of KOPI O from a mamak or warong stall you know. I'm not talking about Coffee Bean, Starbucks or San Fransicso coffee here.

 

People refuse to pay the loan since there have been zero harsh action ever taken and publicized widely in the media. What they can do, I suggest:

1. Ensure the people are blacklisted in CTOS or CCRIS - cannot take loan for car or house or personal loan.
2. Cannot go overseas - betul ka sudah enforce?
3. Start to publicize the hard core who hutang only RM5,000 pon tak mau bayar. What a shame! And you call yourself graduates??

 Haiya, next time if you want to hire people, must ask - ada hutang PTPTN? Sudah bayar? Ada niat mahu bayar?

This is exactly why my dear JPA loan giver embedded the ayat Quran and Hadith in every statement of loan sent monthly to its students. If you dont start to pay up, either you will lead a miserable life (now and later) or your soul will be hanging around in between the bumi and langit. It has been clearly stated.

 

Basically, start lah to pay up. Please lah increase your contribution the moment your salary goes up. I am proud to announce that my loan balance has now become only 4 digits. Bravo!!!! This is from 6 digits mind you. Asked to pay up to 5 digits. Sikit2, lama2 jadi bukit. Just like investment, practice Dollar Cost Averaging.