Putrajaya: National Education Fund (PTPTN) has recently reinstate their stance of enlisting PTPTN defaulters into Bank Negara’s Central Credit Reference Information System (CCRIS) blacklist record starting 2015. This move was mooted on 2013 at the cabinet however it was scrapped as it was heavily criticised by member of the oppositions and some quarters from the government. PTPTN defaulters will have around 2 months to start repaying their loan or they will be blacklisted in CCRIS. Once being blacklisted in CCRIS, these PTPTN defaulters will have trouble securing future loan from any financial institutions for properties or vehicle purchase.
According to Education Minster Datuk Seri Idris Jusoh, some borrowers have abused the PTPTN flexible repayment and opted not repay their loan at all despite discounts and promotions. This move is expected to effect around 173,985 PTPTN loan defaulters. A total of RM 1.2 billion loan was given to these defaulters since 1998 to 2010.
The PTPTN defaulter list will be transferred by phases into CCRIS blacklist record. Based on statement from PTPTN Chairman Datuk Shamsul Anuar Nasarah, a total of 173,985 PTPTN defaulters will be blacklisted in CCRIS as they have failed to make any payment on the first phase. Sahmsul also mentioned that there were no other methods besides this as PTPTN funds are getting low while defaulters are not repaying their loans. This move will ensure the continuity of PTPTN loans for future generations in Malaysia.
PTPTN has also announced that loan funds will be reduced 5 percent for public institution and 15 percent for private institution. A new loan criteria based on existing BR1M will also implemented where only students from households that are eligible for BR1M can enjoy full PTPTN loans. A student from household income over than RM 8,000 can only loan a maximum of 50 percent while less than RM 8,000 will get a maximum 75 percent loan.
As of 2014, PTPTN has only able to achieve 50 percent loan collection of RM 400 million as compared with 2014 target of 850 million. As of September only 65 percent of PTPTN borrowers are repaying their loans.
