Recently, the deputy education minister Teo Nie Ching has announced a new scheme for Malaysians who have borrowed from the Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) will have 2% of their salary mandatory deducted once they earn RM2,000. It does not stop there.
The full breakdown of the repayment mechanism is as follows:
– Under RM2,000 = no deductions
– RM2,000 to RM2,499.99 = 2% (RM40-RM49.99)
– RM2,500 to RM2,999.99 = 3% (RM75-RM89.99)
– RM3,000 to RM3,999.99 = 5% (RM150-RM199.99)
– RM4,000 to RM5,999.99 = 8% (RM320-RM479.99)
– RM6,000 to RM7,999.99 = 10% (RM600-RM799.99)
– RM8,000 and above = 15% (RM1,200 and above)
In today’s announcement PTPTN has released a table of a mandatory deduction from the borrower’s salary.
The percentage deducted will increase along with the borrower’s salary (as from the table above).
The highest percentage in the table is 15%, that if you are earning RM8,000, you will have to pay back RM1,200 monthly.
There are about 1.4 million Malaysians who are currently not paying back their loan.