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Loans & Scholarships Regret of accepted a scholarship?, Anyone ever has such a thought?

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basketfool
post Jul 9 2011, 09:28 PM

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My advice to your friend is to NOT COMPLAIN. See it as an opportunity! When anyone gives him any task, take it up and do it. Its the experience that matters. When the ten years reach dy, do jump ship for better prospects. You go anywhere also people will want you because you have the experience. By then your salary will definitely touch 5 figures and you can have any currency you want. Suffer now, Enjoy later smile.gif
TSlching
post Jul 9 2011, 10:57 PM

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Ya, the year of serving is definately long. Its local uni, but i think my friend did received allowance + tuition fee nearly 100K. But the main problem is the environment that not allow him to perform. He was working in I*tel, he got total culture shock the 1st month served his sponsored company doh.gif

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Yea Half a million haha yea you know about it too. I believe other company has better HR management that able to place their talented candidate at the right position. I got some friends from UTP did work really great in their sponsored company. Its the work culture problem.


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Haha, sorry, what is moonlight actually tongue.gif

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The contract stated if lay off by company, kena bayar balik juga sad.gif


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haha, the main reason is it is GLC which i don't think the KPI is really working. All this performance indicator is just paper work. When ''ngam'' with your boss, everything settle, good bonus, good KPI, in my opinion. Working in GLC is a permanent job, it will secure for whole life


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Selling off kidney tongue.gif


QUOTE(Syd G @ Jul 9 2011, 03:03 PM)
I broke a bond with TM and is currently paying back RM64k in 7 years.

That's the price I'm paying for my naivety as a 18 year old. Never again.
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My friend got no choice, without this sponsorship he got no education, his family was out of budget. He is so regret that he should had took a loan but not scholarship. May be could you share here how do you did it? Had your contract stated lump sum payback? So you pay back only the amount you taken from them?

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Just imagine that the family is POOR, with the scholarship, education fee secure, job after grad secure, he will be able to contribute his family once grad, he got no choice but to take it.

Most importantly, who the hell know our famous GLC got such a bad working culture whistling.gif
What he always tell me that our nation is not ready in mindset to achieve wawasan 2020. Everything is slogan only tongue.gif



QUOTE(Human Nature @ Jul 9 2011, 03:51 PM)
The issue is more about the environmnt where you have to work at...as pointed out by TS
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Yes, you are right. The job got no problem, the working culture is killing. People pay only lips work to get promotion & trust, but people working hard, sorry, no promotion, because ofyou are capable, please stay late and OT (no allowance).

In his company
sembang sembang = Good social skill,
Tai chi your own job = Good management skill
contribute idea = noob, you gonna do your own
work efficiently = stupid, tai chi more work to you some more shakehead.gif


LightningFist
post Jul 9 2011, 11:44 PM

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Well, if you have to repay if you get laid off and it isn't your fault, then that is completely bollocks.

Anyways, even if you are dirt poor, you now have tertiary education. Granted, that doesn't mean anything to me or some people (no idea where you studied and what your achievements were), but you're supposed to be bright (or words to that effect). A person with less education (no degree) who may or may not be as bright can easily get a job that would allow him/her to set aside RM500 a month for repayment (if the person does not acquire further significant financial burdens). You've survived without a salary for this long, so you'll continue to survive with a salary. This talk of organ selling is ludicrous and pathetic.

That amount can be repaid using a loan, and your income can go towards servicing the loan. If you don't have the guts to get a real job, then no one can be expected to help you to avoid 10 years of suppression and time wasting.

QUOTE(basketfool @ Jul 9 2011, 09:28 PM)
My advice to your friend is to NOT COMPLAIN. See it as an opportunity! When anyone gives him any task, take it up and do it. Its the experience that matters. When the ten years reach dy, do jump ship for better prospects. You go anywhere also people will want you because you have the experience. By then your salary will definitely touch 5 figures and you can have any currency you want. Suffer now, Enjoy later smile.gif
*
You are being a tad too optimistic. If what was said above is accurate, then this job most likely will not provide practical, valuable work experience. What do you even mean by "you can have any currency you want"?
TSlching
post Jul 10 2011, 01:23 AM

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@basketfool
ya, things do not happen so good. Imaging that in these 10years, what you do is tai chi-ing, lips work experience. Unless u become your own boss, if not, the destiny is continue stay in that company until retire lo.

@LightningFist
Ya, at least now we all are tertiary level of education.

Pay back lump sum over RM130K is impossible la. Yes, sign a personal loan with gut, everything settle. But fall into another bigger trap which ask for 7-9% of interest. For a person got nothing at all, no car no house, this is too much at the age of 25.


johnkia
post Jul 10 2011, 01:43 AM

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i will never accept any scholarships that require more than 5 years bond
Syd G
post Jul 10 2011, 01:13 PM

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It's important for people to understand that there are no free lunch in this world.

Education needs money and if you have no money, you have very few choices (public uni, longer time to complete, work during studies, get a loan etc)

Scholarships usually come with bonds, so be prepared to serve or pay back. There were times when I felt angry with my parents for not providing us with education fund but hey, this episode forced me to grow up a lot faster than other people smile.gif
TSlching
post Jul 11 2011, 09:37 AM

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QUOTE(Syd G @ Jul 10 2011, 01:13 PM)
It's important for people to understand that there are no free lunch in this world.

Education needs money and if you have no money, you have very few choices (public uni, longer time to complete, work during studies, get a loan etc)

Scholarships usually come with bonds, so be prepared to serve or pay back. There were times when I felt angry with my parents for not providing us with education fund but hey, this episode forced me to grow up a lot faster than other people smile.gif
*
ya, this is what happened exactly.

A good STPM result doesnt secure a seat in the course that he want to study put my friend no way to go.

P/S: both of us didnt take SPTM. We start uni with foundation course.
Murasaki322
post Jun 1 2020, 11:06 PM

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It has been 9 years. Curious if your friend has finished serving the bond or paid back?
Oklahoma
post Jun 3 2020, 06:13 PM

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https://www.mr-stingy.com/how-i-paid-off-my...education-loan/

Read the link and see if it works. Author is an acquaintance in real life. But aware that its a case by case basis.

Tat's life. Everyone has a price. I realized it soon after graduation. Life's not fair and people are not kind. You may be kind, but dont expect everyone else to be kind towards you.

Keep your head held high.

This post has been edited by Oklahoma: Jun 3 2020, 06:13 PM
hksgmy
post Jun 5 2020, 11:40 PM

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QUOTE(Murasaki322 @ Jun 1 2020, 11:06 PM)
It has been 9 years. Curious if your friend has finished serving the bond or paid back?
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Wow! You dug up this thread?
Eurobeater
post Jun 6 2020, 12:27 AM

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Since this tered kena necro, Idm sharing my own experience.

I also took on a scholarship to study in the UK from a local GLC. Bondage period is also crazy long (10 years). In return, the GLC sponsored nearly RM 500k+ and if I choose to break, this needs to be paid ON DEMAND.

I've since graduated last year and have begun serving the bond. So far, I like my current company and office politics is minimal. But somehow, I don't feel challenged enough. Some of my friends are envious of me having free education and being able to secure a job without needing to go through so many interviews, but I'm envious of their more challenging and interesting jobs in the MNC space. If you ask me who will be more likely to climb the corporate ladder in 10 years time, it will be them! Plus, being with MNCs, they are also the most likely to eventually go overseas and really make it big. I will most likely be in Malaysia for the rest of my young working life sad.gif

Remuneration is also quite fair. About the same as most management trainees though maybe a tad bit lower, but compensated with generous health packages, higher EPF employer contribution and whatnot. But somehow, I feel like I'm missing a whole world of learning experience.

This post has been edited by Eurobeater: Jun 6 2020, 12:29 AM
Murasaki322
post Jun 6 2020, 12:41 AM

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QUOTE(hksgmy @ Jun 5 2020, 11:40 PM)
Wow! You dug up this thread?
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Well it appeared in my Google search and I am curious...
Just Visiting By
post Jun 6 2020, 12:56 PM

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QUOTE(Eurobeater @ Jun 6 2020, 12:27 AM)
Since this tered kena necro, Idm sharing my own experience.

I also took on a scholarship to study in the UK from a local GLC. Bondage period is also crazy long (10 years). In return, the GLC sponsored nearly RM 500k+ and if I choose to break, this needs to be paid ON DEMAND.

I've since graduated last year and have begun serving the bond. So far, I like my current company and office politics is minimal. But somehow, I don't feel challenged enough. Some of my friends are envious of me having free education and being able to secure a job without needing to go through so many interviews, but I'm envious of their more challenging and interesting jobs in the MNC space. If you ask me who will be more likely to climb the corporate ladder in 10 years time, it will be them! Plus, being with MNCs, they are also the most likely to eventually go overseas and really make it big. I will most likely be in Malaysia for the rest of my young working life sad.gif

Remuneration is also quite fair. About the same as most management trainees though maybe a tad bit lower, but compensated with generous health packages, higher EPF employer contribution and whatnot. But somehow, I feel like I'm missing a whole world of learning experience.
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That's exactly why I would have rejected any scholarships if offered any. I didn't bother to apply for any.

I didn't like to feel bound for 10 years. God. I know it's not necessarily a bad thing, for some it's almost an assurance they'll get to do what they want. But 10 years of bond, if it's mentally unchallenging and unfulfilling and you don't think where you are now allow you to progress, that's a stuck 10 years.

I've heard also that many bonded students instead were badly compensated. No increment. Bad remuneration. Treated like slaves because their studies were funded. Not many, but I've heard a few enough to make me repel the thought of receiving one.

You seem to have good employers comparatively. I think even if you weren't bonded and joined private you'll feel the same way, just that you got the freedom to switch. If you're feeling stuck now than admittedly it kind of suck.
Eurobeater
post Jun 6 2020, 01:10 PM

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QUOTE(Just Visiting By @ Jun 6 2020, 12:56 PM)
That's exactly why I would have rejected any scholarships if offered any. I didn't bother to apply for any.

I didn't like to feel bound for 10 years. God. I know it's not necessarily a bad thing, for some it's almost an assurance they'll get to do what they want. But 10 years of bond, if it's mentally unchallenging and unfulfilling and you don't think where you are now allow you to progress, that's a stuck 10 years.

I've heard also that many bonded students instead were badly compensated. No increment. Bad remuneration. Treated like slaves because their studies were funded. Not many, but I've heard a few enough to make me repel the thought of receiving one.

You seem to have good employers comparatively. I think even if you weren't bonded and joined private you'll feel the same way, just that you got the freedom to switch. If you're feeling stuck now than admittedly it kind of suck.
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If you had the privilege of affording your own education, seize it and do it. The freedom you get afterwards may be worth many more times than the cost of the degree and any bondage.

For me, it would have been impossible to study overseas without the scholarship. RM 500k was something we didn't have and I thought this might be a once in a lifetime opportunity to go overseas and expand my horizons. Otherwise, it will be a local uni. Though I can't exactly complain either, I wouldn't know how I would have felt if I had not gone to the UK and it might be worse.

Perhaps I was lucky enough to have not ended up in that situation of crappy employers who treat scholars like slaves. I, too, heard stories of scholars not being treated very nicely. And some of these are at the most prestigious places too like BNM, Khazanah, etc.

Though there are scholarships out there that do not have bonds, but ofc they are incredibly rare. Most are by Foundations and but they generally still expect you to serve some years in Malaysia. Didn't get those tho tongue.gif
Murasaki322
post Jun 6 2020, 02:46 PM

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Scholarship for overseas study would be much more worth it. The connections made from prestigious schools and institutions will present the best opportunities. While the bond period will make one feel being stuck, there will be chances where high performers get bought out by companies, though slim. And the exit opportunities would be tremendous after the bond period.

Local studies scholarship but with a long bond would be less worth the effort. While it helps financially, it also binds freedom to expand and limit industry exposure. Some may feel not being able to unlock their full potential. Probably the reason some chose to break the bond and pay back, equivalent to a study loan. Yet the company benefits from tax reduction and CSR reputation.

 

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