PTPTN exceeds BMS 2021’s target

Despite the pandemic, the corporation sees a big increase in savings made via Simpan SSPN this year, CEO says

by NURUL SUHAIDI / pic credit: PTPTN

NATIONAL Higher Education Fund Corp (PTPTN) sees RM155 million in savings collection through the Bulan Menabung Simpan SSPN 2021 (BMS 2021) than the targeted RM 110 million.

PTPTN CEO Ahmad Dasuki Abdul Majid (picture) said despite the pandemic, the corporation saw a big increase in savings made via its National Education Savings Scheme (Simpan SSPN) this year.

“This year, PTPTN has targeted a total deposit of RM1.8 billion with 400,000 new account openings.

As of September 2021, the total amount of Simpan SSPN deposits was RM1.78 billion,” he said during the virtual PTPTN  #BMS2021 closing ceremony celebration in conjunction with World Savings Day yesterday.

“The amount collected through the BMS 2021 from Oct 1 until Oct 30, the deposits have reached RM155 million equivalent to 141%,” he added.

Ahmad Dasuki said this signified a huge success in strengthening Malaysians’ saving habits, particularly among parents in line with the mission of the programme.

“Financial planning is critical to ensure the children receive proper high-level education. As a national main education fund agency, we encourage parents to utilise Simpan SSPN saving as an early preparation through allocating their saving to secure their children’s future for a quality high-level education.”

As for the borrowers, it is hoped that they continue to support the government’s efforts to preserve funds for education financing by meeting their loan repayment obligations for the next generation’s education, he said.

Starting this month, PTPTN borrowers may apply for the loan repayment discount for their outstanding debts.

Last Friday, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the government has agreed to give discounts for PTPTN borrowers in Budget 2022 that will benefit 1.67 million borrowers.

PTPTN said borrowers are entitled to a discount comprises, 15% discount on outstanding debt for full settlement of the loan, 12% discount for payments of at least 50% of the balance of the debt in one payment; and a 10% discount for repayment through salary deduction or debit continue according to schedule.

“The new incentive will be ongoing from Nov 1, 2021, until April 30, 2022.

“The borrowers who repay their loans through salary deductions or direct debit are also eligible for a 10% discount, subject to refunds received by PTPTN within that stipulated period,” the fund said.

The borrowers who wish to pay off their loan in full or repay at least half of their debt balance in one payment must first obtain confirmation of their debt balance from the PTPTN official website or marketing executives.

Under the incentives, the borrower can opt and apply for online payment through salary deduction as well as direct debit.

It added that the discount incentive will be updated in the borrower’s loan account at the end of each month and the borrower can review their respective statements starting seven days of the following month.

Subsequently, refunds can be made through any refund channel provided by PTPTN.

Apart from the discount, PTPTN also offers the preservation of advanced education financing through Simpan SSPN, which can be deposited prior to the study period to secure the user education financial allocation.