Monday, October 5, 2009

Another 'The Truth' of the Day: PTPTN chaos

I believe all of us heard about the recent news about PTPTN submit names of borrowers who did not pay the study loan to immigration for restricting them going abroad

I have mixed feelings about this and I would like to comment from 2 perspective. Allow me...

(a) As a PTPTN borrower
WTH wei...what kind of move is this. If you are just restricting them from migrating or something can la but what if we have some emergency at Singapore (which is considered as overseas). Its not that we dont want to pay, in fact we are paying its just that maybe we dont pay the full amount. Huh you may ask why didnt you do that i.e pay the full amount
Okie allow me to elaborate more on why:

1. Loan disbursed during study: RM85000
2. Total payment so far (3 years): RM7200
3. Interest accrued for 3 years: RM3400
3. Total ADMIN Cost ending October 2009: RM2400
4. Balance B/B: RM83200

So lets calculate:
Ive paid RM7200 ever since I started payment to only realised that 33.3% of payment is just to cover admin cost. Who would feel want to settle the loan when at the end of your payment year for the first year you realise that your balance bring forward is more than what you borrowed before.

I am not complaining about the interest rate thou I think it is ridiculous. Yah yah i know some of you might say "hey, u read the agreement what." I was 19 back then who the hell know about how deep of a debt i would be in if i opted for PTPTN. Thou I have proposed to PTPTN to reduce the interest portion due to 'good CGPA obtained', the respond was rather disappointing. So don't blame us if we dont wanna pay. Huh!!

I also read some comments saying "you cant pay then apply for scholar la".
Senangnya cakap, Im not that bright I have to admit that. Even though my first semester's result deemed qualified for scholarship application from JPA, still I was stuck with PTPTN as U have already signed the agreement as well as I dont think I can find RM10k to finance the first year of studies. I was wrong. Maybe I should just apply a personal loan for that amount and opt for scholar instead


Sigh...PTPTN will remain as a black mark in my life. Little that I know that it will be the greatest debt I've ever step foot in. Its like a daylight robbery. Sad...

(B) As a non PTPTN borrower
No comment!!! PTPTN should do some review on what is the best repayment scheme should be introduced to their borrower.



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