KUALA LUMPUR: More and more Malaysians are taking to the idea of saving up for education through the National Education Savings Scheme (SSPN).
Higher Education Minister Datuk Seri Idris Jusoh told the Dewan rakyat that as of July this year, more than three million Malaysians have opened accounts with SSPN, with total deposits reaching RM2.846 billion.
He said the SSPN will help people to reduce their dependence on loans.
“SSPN is unique as the dividend offered is more competitive compared to conventional financial institutions. Depositors also get to enjoy RM6,000 tax relief, takaful protection and lucrative lucky draws, not to mention that their deposits are guaranteed by the government,” he said.
Meanwhile, said Idris, the National Higher Education Fund Corporation (PTPTN) has improved its system for diploma students who take a second loan for further studies.
Their loans will be merged to avoid any problems with financial institutions as PTPTN borrowers would be listed under the Central Credit Reference Information System (CCRIS) when it comes time for them to begin repayments.
Borrowers need to service their PTPTN loans six months after graduation.
Idris said this in reply to a question from Datuk Dr Noor Azmi Ghazali (BN-Bagan Serai) during the Minister’s Question Time at Dewan Rakyat today.
Noor Azmi had asked the government what efforts were taken to address the issue of borrowers who are not allowed to make merger loans taken during their diploma study and subsequently at the degree level.
At the same time, Idris encouraged borrowers to talk to PTPTN if they faced any issues, by contacting the PTPTN care line at 03-21933000.
He also said, ever since the fund corporation adopted a soft approach in March, a total of 284,210 borrowers had repaid their loans.