To date, the National Higher Education Fund Corporation (PTPTN) has not been able to recover RM15 billion, its collection target for money loaned out since it was set up 19 years ago.<\/p>\n
According to Datuk Shamsul Anuar Nasarah, chairman of PTPTN, between 1997 and February 2016, the organisation was only able to achieve RM7.49 billion in collection, less than 50% of its target.<\/p>\n
\u201cAlthough there has been an increase in the amount collected monthly by PTPTN through various approaches such as salary deductions, we have not yet achieved the target.<\/p>\n
\u201cSince PTPTN was set up until now, we have given out RM55 billion to borrowers and we targeted getting back at least RM15 billion,\u201d he said in a report by Bernama<\/em>.<\/p>\n To recover the loans, PTPTN was still exploring the implementation of salary deduction to find the best way to do it in other sectors, Shamsul Anuar added.<\/p>\n \u201cWe use different approaches for different sectors, but what is important is to achieve our target,\u201d he said.<\/p>\n[sc:sample_banner]\n <\/p>\n Many PTPTN loan borrowers turn to their Employees Provident Fund (EPF) savings to pay their student loan.<\/p>\n Based on Section 54(6) of the EPF Act 1991, EPF members are allowed to withdraw their EPF savings to finance higher education for themselves or their children, including PTPTN loan.<\/p>\n In the first quarter of 2016 (from January until April), EPF has received 33,824 withdrawal savings applications, with an estimated amount of RM235.7 million to settle PTPTN debts.<\/p>\n This was an increase compared to 2015, where a total of 26,568 EPF applications, equivalent to RM209.2 million, were received, said the Ministry of Finance a separate report by Bernama<\/em>.<\/p>\n \u201cThe requirements are based on the savings amount in Account 2, studies fee or the education loan – whichever is the lowest,\u201d said a written reply distributed at Dewan Rakyat last week.<\/p>\n This comes after a request by Ahmad Lai Bujang (BN-Sibuti), a Member of Parliament, for the Finance Minister to state the number of EPF members who have used Account 2 to settle PTPTN debts.<\/p>\n The ministry replied that the overall number of approved withdrawal applications were 65,787, worth RM578.2 million, were made by EPF contributors in 2015 for education funding.<\/p>\n [Source 1<\/a>] [Source 2<\/a>]<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" To date, the National Higher Education Fund Corporation (PTPTN) has not been able to recover RM15 billion, its collection target for money loaned out since it was set up 19 years ago.<\/p>\n","protected":false},"author":9,"featured_media":24386,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[293,216,251],"tags":[],"class_list":["post-24385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education","category-news-updates","category-student-loan"],"acf":[],"yoast_head":"\n