Why abolish ptptn

Putrajaya also promised tax breaks for companies helping their employees repay PTPTN loans for the year ending , while all remaining loans of borrowers aged above 60 and earning less than RM4, a month were written off. According to the advisory panel, its Public Consultation Paper explained the cause and impact regarding the RM4, salary threshold, among others.

Sheikh Shahruddin added the public was still free to propose that PTPTN be abolished, providing it is aware of the potential impact of such a move as it could mean the private sector stepping in to provide higher education loans with potentially higher interest rates.

Commercial loans, the corporation said, could sideline students from the lower income groups and add to the financial strain already felt by the government who may be compelled to fairly reimburse responsible borrowers who had fully paid up or have been consistent with repayments.

PTPTN recently came under fire last month following the revelation that the fund received a proposal to reimpose a travel ban on loan defaulters. The ban was part of a point proposal presented by stakeholders which also included proposals to bar defaulters from renewing their passports, driving licenses, road tax and business licenses; the imposition of mandatory pay deductions, stricter enforcement, as well as implementing a guarantor system.

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Deputy Prime Minister Tan Sri Muhyiddin Yassin, who is also education minister, recently explained that the government subsidised up to 95 per cent of the tuition fees to ease the burden of students at public institutions of higher learning, and that they should be aware of the subsidies provided by the government at the moment. However, for the economist, one thing for sure was that scrapping the PTPTN loan would burden and shrink government resources. Although feasible, RAM Ratings chief economist Yeah Kim Leng said the proposal to abandon the loan scheme would leave a huge hole in the economy, as it was a sizeable amount to write off.