F INANC ING YOUR STUDY
National Higher Education Fund
Corporation (PTPTN)
The National Higher Education Fund
Corporation was established under the National
Higher Education Fund Corporation Act 1997
(Act 566) and commenced operations in
November 1997. The body was set up as an
agency of the Education Ministry of Malaysia
with the role of providing and managing
education savings schemes and funds for tertiary
education. Students may apply for partial of full
loans for the pursuit of studies either locally or
abroad at both private and public universities.
MALAYSIA
Skim Prihatin Pendidikan 1Malaysia
(SPP1M)
Koperasi Jayadiri Malaysia Berhad (KOJADI)
Koperasi Jayadiri Malaysia Berhad (KOJADI) was established in 1981 to extend
financial aid to its members to pursue tertiary education. The idea to set up
the foundation was mooted as a response for many students having to further
their studies abroad due to their inability to secure one of the limited number
of seats in local universities. KOJADI has a total 12 loan schemes under its loan
programme to cater for a wide range of vocational, technical, undergraduate
and postgraduate courses. Some of the financial aids include the KOJADI
Higher Education Loan Scheme (HELS), KOJADI Education Loan Scheme For
Students of Foundation Programmes (S-PUF), JADI Education Loan Scheme for
Local University Studies (S-LUS), KOJADI Education Loan Scheme for Foreign
University Studies (S-FUS), KOJADI Education Loan Scheme for Overseas
Postgraduate Studies (S-OPS) and the KOJADI Education Loan Scheme for
Local Postgraduate Studies (S-LPS).
SRI
LANKA
The Skim Prihatin Pendidikan 1Malaysia
(SPP1M) serves as an additional financial aid to
loans received from other organisations such
as PTPTN. The scheme was launched by the
Prime Minister YAB Dato’ Sri Najib Tun Haji
Abdul Razak in February 2013 and is open to
all students pursuing bachelors’ degree and
master’s degree courses locally and abroad. The
loan amount disbursed are up to RM150,000
for medicine and pharmacy programmes, and
RM100,000 for business, law, finance, banking,
accounting, engineering, architecture, science
and computer science courses.
Nenasa Educational Loan – DFCC Vardhana Bank, Sri Lanka
This loan scheme for both undergraduate and postgraduate studies provides a loan
installment that fits your budget with a repayment period of up to ten years. It also has
attractive interest rate options with a choice of fixed or variable interest rates said to be
unmatched in the market. It also provides a speedy approval process, has minimal conditions,
and is available throughout all DFCC Vardhana Bank branches. Students can apply for this
loan individually or jointly with their parents.
HNB (Hatton National Bank) - FUTUR+ Higher Educational Loan Scheme
The HNB FUTUR+ Higher Educational Loans Scheme supports pursuit of excellence with local
and foreign educational institutes or universities. Loans can be applied for in the name of the
student or jointly with a co-borrower. Students below 18 years of age following academic
studies at local and international schools are eligible for various subjects in the local or
international institutions. HNB offers its customers very attractive and competitive, fixed or
floating interest rates with the flexibility to best suit your needs. Opt for floating interest
rates and your interest payment will be based on the going market rate which is subject to a
quarterly review.
Before you sign a loan agreement, be aware of the following:
Your debt can last for years
Student loans can ruin your credit
As the repayment instalments are small, paying off a loan in
full can take years. Some loans offer a tenure of up to 15 years.
However, you can always shorten the length of repayment by
increasing the amount paid in each instalment or even pay off
the loan in a lump sum if your financial abilities permit you to do
so. That may also save you on interest rates.
Loan to be repaid regardless of study completion
Students often have the misconception that they do not have
to repay their loans if they did not complete their studies. The
money would have been disbursed to either yourself or the
education institution, as such the loaned amount must be repaid
even if you have left the university.
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easyuni Guide 2014
Issue 2
This is, of course, if you have not been servicing your loan. Many
organisations have gone to great lengths to recover disbursed
financial aid, to the extent of barring loan defaulters from leaving
the country. Therefore, if you fail to notify your lender of a
delay in repayment, not only will you have a lesser likelihood of
securing a loan from banks when you need one but you may also
face legal action.
However, these consequences should not deter any student from
taking a student loan as long as they repay their loans according
to schedule.