Attention, PTPTN borrowers! The moment you start earning at least RM2,000 per month, 2% of your salary will be deducted monthly to repay your PTPTN loan!
Malay Mail reported that the Deputy Education Minister, Teo Nie Ching, made the announcement during Parliament yesterday, saying:
“To ensure that we won’t burden the youths, the government has decided to begin a 2% or RM40 mandatory salary deduction the moment a borrower’s salary has reached RM2,000. This will increase according to their salary increment.”
There’s some good news though. Graduates in the middle and bottom 40% income group (M40 and B40) that obtain first class honours will be exempted from repaying their loans! This rule applies to graduates from both public universities and private universities.
However, first class honour graduates in the top 20% income group (T20) will still have to repay their loans as they come from well off families, Teo explained.
Initially, the government promised that PTPTN repayment will only start when a borrower’s monthly income hits RM4,000 and above. Then, during the 2019 Budget announcement, Finance Minister Lim Guan Eng said that a 2% deduction will begin when a borrower earns RM1,000 a month.
The announcement prompted a protest by some 20 students last month, who marched 9km to the Parliament and demanded to meet with Education Minister Maszlee Malik. During the protest, the students stated that they were against the salary deduction from fresh graduates who earn RM1,000 a month, saying that it’ll burden their financial stability after graduating.
Teo addressed this issue during Parliament too, saying that the new decision was made after consultation and that the government will consider revising the repayment to begin at RM4,000 once their financial position allows it.
Well, a loan has to be paid at the end of the day, and 2% of RM2,000 is only RM40 a month, folks. Not too bad lah.
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