When tabling Budget 2018 in the parliament, today, 27 October, Prime Minister Datuk Seri Najib Razak announced that the grace period for PTPTN loan repayment has been increased to 12 months
PM Najib also made several other announcements regarding PTPTN loan repayment, namely:
- 20% discount for full settlement of the outstanding debt.
- 10% discount on 50% payment of the outstanding debt.
- 10% discount for repayment through salary deduction or direct debit in accordance with the repayment schedule.
The discount period will be extended from the end of this year until 31 December 2018.
The government will also increase the maximum PTPTN loan amount for students from B40 households, who are pursuing highly-marketable courses by an additional RM200 million next year
Budget 2018 also has an allocation of RM250 million for the Skim Pendidikan 1Malaysia, which will benefit around RM5 million students between the ages of seven and 12.
Furthermore, RM4.9 billion has been allocated for technical and vocational training, with an additional RM4.5 million in scholarships for excelling students graduating from technical and vocational training courses.
When making these announcements, PM Najib stressed on the importance of borrowers paying back their respective PTPTN loans to ensure that the future generation can benefit from it too.
"Hutang tetap hutang, dan wajib dibayar."