THE National Higher Education Fund Corporation (PTPTN) is encouraging borrowers to take advantage of the discount incentives available until March 31.
On March 18, PTPTN announced that from Oct 14, 2023, until January 2024, more than 394,000 borrowers have received a total discount of RM57.78 million from eligible repayments totalling RM442.09 million.
Sathisvarnan A/L Kanapathy, who received a 10 per cent discount for paying at least 50 per cent of the outstanding debt in one payment, shared his experience with PTPTN's discount incentive.
After settling his loan, he felt relieved.
Encouraging other borrowers to seize the benefits, he believes the funds he paid back could be used for other students.
"I recommend taking advantage of this initiative to repay and clear your debt.
"This will also help other students access facilities for their higher education," he said when contacted by the New Straits Times.
Kanthini A/P Gunasangaram, a PTPTN borrower who received a 10 per cent discount for paying off the entire loan amount, learnt about the incentive through official channels and social media.
She was relieved, as the discount allowed her to better manage her student loan debt and allocate funds to other financial goals.
"Borrowers who benefitted from the incentives appeared more motivated to repay their loans on time and manage their finances responsibly compared to those who didn't," she said.
Chew Chee Keong, who is among the borrowers who received a 15 per cent discount for payments deducted from salary or directly scheduled debits, said his motivation to participate in the initiative stemmed from his desire to repay his loan promptly.
In an interview with NST, he said the discounts offered by PTPTN enabled him to save time and effort in repayment, positively impacting his credit score.
He believed the discounts promoted higher education accessibility by assisting borrowers in loan repayments, thus enabling more individuals to pursue further studies.
"I highly recommend it to anyone who is looking to pay their loan and enjoy the benefits of these discounts," he said.
PTPTN chief executive Ahmad Dasuki Abdul Majid expressed his gratitude to the government for providing incentive discounts for PTPTN loan repayments, benefitting the borrowers.
"The commitment of borrowers who make repayments is highly appreciated for the sustainability of educational loan funds for future generations.
"This will ensure that students can enter higher education institutions without financial barriers," he said.
Dasuki urged borrowers to make use of the incentive discounts until March 31, and pointed out that PTPTN's various repayment channels, such as the myPTPTN application, are known for their convenience and security.
Borrowers can get information from its call centre at 03-2193 3000, Live Chat on the PTPTN Portal (https://www.ptptn.gov.my/), PTPTN marketing executives, e-Aduan PTPTN, and PTPTN's social media platforms.