18,000 get PTPTN loans changed to scholarships
(The Star) – Over 18,000 graduates have had their National Higher Education Corporation (PTPTN) loans converted to scholarships.
The loan conversion is made available to those who obtained first-class honours.
PTPTN chairman Datuk Ismail Mohamed Said said on Friday that a total of 18,098 graduates had their loans, amounting to RM503.34mil, converted to scholarships as at Nov 30 this year.
The loan conversion was previously only available to students who graduated after 2010 but is now available to all eligible graduates.
Graduates who obtained first class honours before Jan 1, 2010, must apply for the loan conversion by June 30, 2013.
Ismail also said many graduates had also made use of the 20% discount offered to those who settled their loans in full.
“Between Oct 1 and Dec 15, 13,900 PTPTN loan beneficia- ries settled their loans in full and a total of RM38.6mil was received as repayment while the discounts offered were worth RM9.59mil.
“Of the 13,900, 629 had pre-viously been blacklisted,” he said.
When tabling Budget 2013, Prime Minister Datuk Seri Najib Tun Razakhad announced the 20% discount for those who settled their outstanding amounts in full by Sept 30 next year.
Those who fail to meet the deadline but had diligently paid their loans on time for the 12-month period are entitled to a 10% discount.