PTPTN collects RM595 mil repayment from borrowers since March

The National Higher Education Fund Corporation (PTPTN) has collected a total repayment of RM595.25 million from 422,609 borrowers during the loan repayment period from March to October.
In a statement, PTPTN chief executive, Ahmad Dasuki Abdul Majid said one-third of the total 1.5 million borrowers have opted to serve their loans during the nine months period, despite the difficulties faced due to Covid-19 impact.
The government has earlier gave PTPTN borrowers a deferment of repayment due to slowdown in economy, which led to job losses.
Ahmad Dasuki added that the refund collection received in October was RM103.03 million –  an increase of up 173.65% compared to RM37.65 million recorded in April.
As of October, a total of 422,609 out of 1.5 million borrowers chose to continue their loan repayments. 
“This shows that PTPTN borrowers are still trying to repay their loans despite being in a difficult situation due to the Covid-19 pandemic,” Ahmad Dasuki added.
Statistics Department revealed last month that the country’s employment rate remained at 4.7% in August compared to the preceding month.
To ease the borrowers burden, Higher Education Ministry on 4 August announced the extension of the postponement of payment for PTPTN loan until end of this year.
It is a continuation of the earlier decision made by the government on March 23, which allow a blanket postponement of repayment for PTPTN borrowers for a period of six months until September.
The deferment benefits 1.5 million borrowers with a total estimated loan repayment worth RM1.13 billion from March to December.
Ahmad Dasuki said, the commitment of borrowers to continue serving their debts reflects their seriousness and support in helping PTPTN sustainability. 
“Such efforts should be emulated by other unaffected borrowers of the Covid-19 pandemic,” he added.

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422,609 PTPTN borrowers continue with loan repayment in October