Tuesday, January 10, 2006

Scammed by Loan?

Recently, i've received a few forwarded e-mails about how the government tries to "scam" graduates of both local and private universities with the loans provided to them. I am not in the group of undergraduates who applied and received aid from this loan to pay for my tuition fee, but it's interesting to know that there's a conspiracy going on.

Plus, my dad has been bugging me to get the loan, saying that it would help me secure a job in the future. But IHMO, i think my dad should be able to secure my financial needs while i'm studying here in UTAR. Anyway, here's the e-mail that has been circulating around the Net lately:


I would like to express one issue that might to the concern of many local graduates in Malaysia.

I am a 2002 graduates from Multimedia University (MMU). I can further my studies there because I got a PTPTN loan from government. After working, I have started to pay back the loan. However, recently, I received a letter from PTPTN asking us to pay extra 4 to 5% of KOS PENTADBIRAN. Including the already charged 4% interest, I found that what we need to payback is much more than what we loaned. Most importantly, in the agreement that we signed of, there is no statement that we are charged of this so called KOS PENTADBIRAN. From the charges, it is very impossible for us to pay back as the loans is increasing while we are paying for it.

I feel very upset with government as this PTPTN does not really fulfill its role of helping poor students to futher studies but however it is actually torturing those who are poor as we need to pay much much more just to futher our studies. I do have a question for the government, if we are so rich, do we still need to get loan from government to futher our studies? To give a better idea, for a student to further their studies in prvate university, we are actualy paying the amount of a house for the fees.

Finally, I do hope government can have a look on this issue. I feel that the 4% interest is already a burden for us. If there is extra charges to us, it is not an amount that can be paid back by a graduates. Again, please think. Government tends to produce more potential graduates or more debtor. I believe PTPTN is helping students to futher studies but not scare them away.

p/s: Dear editor, I hope this can raise the concern of the relevant authority.

I bet after reading this forward, many students wil be furious, and wished they haven't at all thought of getting this loan in the first place.

But do think about it. This is an isolated case. So far, the only thing i've heard about on the news regarding this loan is either students misused the money given to the to purchase education-unrelated things or the hundreds of them not being able to repay the loan.

So, should i or should i not apply for the loan?

Love & Peace!~


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