#Budget2025: Scholarships, Loans & Allowances For Students In Higher Education
Free ASB accounts worth RM50 will be provided to 100,000 new students entering higher education.
By Laila Zain — 18 Oct 2024, 06:14 PM
The Higher Education Ministry will receive an allocation of RM18 billion in the upcoming year, compared to RM16.3 billion this year, marking a significant increase in the government's commitment to advancing higher education
The allocation was announced by Prime Minister Datuk Seri Anwar Ibrahim during the tabling of the 2025 Budget in Parliament today, 18 October.
To assist students pursuing higher education, a total of RM4 billion has been set aside for scholarships, loans, and educational allowances.
Additionally, Government-Linked Investment Companies (GLICs) and Government-Linked Companies (GLCs) have pledged to allocate at least 50% of their scholarships to students from low- and middle-income families.
In an effort to produce highly employable graduates aligned with industry demands, the National Higher Education Fund Corporation (PTPTN) has allocated RM500 million for educational loans, prioritising students in Science, Technology, Engineering, and Mathematics (STEM) fields at public universities.
To further encourage parents to save for their children’s higher education, the government plans to extend the individual tax relief on net savings under the National Education Savings Scheme (SSPN) for another three years
Under the Matching Grant Initiative (GAPAI), the government has also agreed to expand the criteria for matching grants of up to RM5,000 on SSPN savings accounts for students entering institutions of higher learning. This will now apply to families earning up to RM6,000, compared to the previous RM4,000 limit, for a period of two years.
Additionally, Permodalan Nasional Berhad will implement the MADANI Financial Literacy Programme, offering free Amanah Saham Bumiputera (ASB) accounts worth RM50 to 100,000 new students entering higher education.
The government’s third MADANI Budget reaffirms its commitment to improving the quality of higher education institutions
A total of RM635 million has been allocated to upgrade infrastructure, replace outdated equipment, and expand Internet access at all public universities.
Furthermore, Universiti Teknologi MARA (UiTM) will receive an additional RM20 million to produce more Electrical & Electronics (E&E) engineers, recognising the importance of increasing Bumiputera participation in the semiconductor sector, one of the country’s high-growth industries.
