Distressed borrowers can restructure study loans with AKPK
KUALA LUMPUR: Borrowers of the National Higher Education Fund Corporation (PTPTN) facing serious financial problems can approach the Credit Counselling and Debt Management Agency (AKPK) from today to restructure their loan repayments.
PTPTN chairman Datuk Shamsul Anuar Nasarah said it was a strategy by the corporation to help borrowers make their loan repayments based on their financial capability.
In the current economic situation, this strategy is crucial to increase the collection of the loan repayment so that other students also get to enjoy the facility, he told reporters after the signing of a Memorandum of Understanding (MoU) with AKPK for PTPTN's participation in the credit management programme. AKPK was represented by its chairman, Datuk Mohd Hanif Sher Mohamed.
Based on statistics, more than 662,000 of the 2.4 million PTPTN borrowers did not make any attempt to repay their loans, involving an arrears of RM5.4 billion since 1997 until Dec 31 last year.
During the same period, PTPTN had approved loans to more than 2.4 million students in institutions of higher learning, involving an allocation of RM55.5 billion.
Shamsul Anuar said through the cooperation with AKPK, PTPTN hoped to get 5% of the 2.4 million borrowers to make their loan repayment.
He said until end of last year, PTPTN collected RM7.1 billion in loan repayment from 1.2 million borrowers out of the total RM15.3 billion which it was supposed to collect.
"This year, we are targetting to collect RM2 billion in loan repayment," he added.