Your salary reach the 15% bracket and you still want to pay peanuts of RM300 only. You can clearly afford to pay more earlier to settle the loan but prefer to pay peanuts. Why? Because most PTPTN borrowers like you never take payment of this loan a priority.

If you look at the any loan agreement by the bank, there's always a clause where the bank have the right to vary the terms of loans whenever they like.

Also, does car or housing loan charge you 1% interest only? Everyone knows when you take car or housing loan, at least 1/2 of the loan period, you're paying the interest only. Are you willing to pay interest similar to banks for PTPTN? If yes, then I am sure the government will be happy to discuss long repayment period with you.

Let's assume your loan + interest is 32,400 because you agreed to pay 300 for 108 months/9 years. For someone who has salary of 8K and above, I am sure he has worked for at least 5 years. So the amount paid would be 60 X 300 = 18,000. Balance owing to government is probably around 14,400 only. I am sure someone who have 8K salary will have savings more than 14,400 and can easily settle the loan. But why aren't they doing it?

Yup and all those who complain about 8K salary paying 1.2K, if they have been paying regularly, the loan amount should not be much anymore. Should be around 10K to 15K only. Can easily be settled with discount some more but they take it for granted. The problem is a lot of PTPTN borrowers do not take this loan seriously. Even those who are paying it will drag it as long as possible because the interest is so low.

Actually the solution is simple. They should use net income and not gross income as the benchmark on % of payment. Net income means after all statutory deductions but does not include personal loans such as housing, car, etc.

I am sure someone who has net income of 8k should be able to afford 1.2k installment.

Unless they have not been paying regularly.

Jeng! Jeng! Jeng!

If the person have consistently pay since they start working, the balance amount should not be much. By the time they reach 8K salary, it will at least need 6 to 7 years.

The problem with the whole PTPTN scheme is enforcement were too lax during BN time causing a lot of people to misuse and abuse the whole scheme. It was made worst when they allowed long repayment periods. The whole scheme ballooned into what it is today and it is just not financially feasible anymore if the government wants to continue giving loans to students.

It’s all about priority. There are a lot of people who put settling ptptn as their main priority and most of this people have either settled the loans or do not have much to settle anymore.

There are too many people who treat ptptn as their least priority. The new iPhone, Honda Civic, 700k condo, trip to Europe, etc. is their main priority first. Or they prefer to have $ in FD, unit trust, shares, etc. because it’s always better when $ is in your own hands instead of settling a loan with 1% interests only. Why bother, I enjoy my life first. Other people can’t get loan none of my business!