More incentives are introduced in Budget 2019 to ensure the sustainability of the National Higher Education Loan Fund (PTPTN).
Finance Minister Lim Guan Eng said there will be a more progressive loan repayment schedule with a percentage ranging from 2% to 15% of the borrowers’ monthly income depending on their income level.
However, the repayment schedule will only apply to those with at least RM1,000 in monthly income.
Meanwhile, there will be a tax relief for companies that help settle all the remaining loans of their employees for the year ending 2019.
“There is also an additional individual tax relief for all additional savings deposited in the PTPTN National Education Savings Scheme from RM6,000 to RM8,000,” he said.
And students from B40 households will be given discounts on the loan if they successfully obtained first class honors in their studies.
“We will also write off the debt of those who are 60 years old and above with monthly income less than RM4,000 benefitting up to 350 debtors, costing RM4.2 million,” he said.
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