I'm so disappointed with PTPTN
Way back in 2005, my first year in USM for my degree, I took a student loan.
Total loan over the 3years = RM19,500
I recently got a letter asking me to start my repayments, so when I finally did, I got the shock of my life.
I (and everyone else who took the full loan) am being charged Rm50 EACH MONTH for "Kos Pentadbiran", which is freakin a lot. Hello?!?!
This means I am paying an additional RM600 every YEAR! Thats crazy...
These were things that way back in 2005, at the point where I was in the hall with thousands of other students, did not cross my mind, nor did I actually have a choice.
Why I am disappointed is cause these loans are intended for students who can't afford to pay for their education, and it turns out PTPTN is actually making so much money out of us? What the hell man.
In 2007 the intake for IPTAs were 190,265. Now imagine one batch of IPTA students, where most did take the loan.
150,000 students x RM600 = RM90,000,000 a year
I am not a 'financial minded' person, but if this is the case I'm wondering maybe its better if I took a bank loan to pay off my PTPTN student loan one shot. Might work out cheaper. Someone told me the 'Kos Pentadbiran' is the interest. Have to do some research.
First thing I gotta do is make a trip down to PTPTN and find out exactly what's going on.
Anyone wanna follow me or have any advice?
This post is for others like me who have taken the loan and didn't realise, or those thinking about taking a PTPTN student loan in the coming 2009 intake.
5 comments:
RM48.75 x 12 = RM585 per annum.
RM585/RM19500 x 100% = 3% per annum, based on principal amount.
Check and see if the "kos pentadbiran" remains the same, regardless of the remaining amount you have to pay back.
If "kos pentadbiran" remains the same throughout:
When you have RM10k left to pay back, your "interest" will be 5.85%.
When you have RM5k left to pay back, your "interest" will be 11.7%.
The less you have left to pay back, the "interest" will get more insane.
See if a personal loan's interest rate averages out to be the same. I have a feeling PTPTN is still the better option.
I think generally, the faster you pay back PTPTN, the less you have to pay back. You have the option of dumping in more into PTPTN per month, to avoid paying less on interest in the long run.
However, if you take bank loan, you don't have the option of paying back faster and avoiding more interest, even if you can. You'll be stuck with "amount x" that you owe the bank, with interest already factored in for the next, let's say, 9 years.
So even if you win a RM20,000k jackpot on month number 2, you cannot pay back the bank on month number 2 and ask the bank to forfeit the 9-year interest. You are stuck with paying back RM19,500 x 9 years' worth of interest, regardless of whether you pay everything back in month number 2 or year number 2 or year number 9.
I heard that some people who don't make repayments can get a court order. They can get suspended from traveling overseas.
Hi, please refer to the content of the agreement to find out whether there's a cost pentadbiran. But looking at the numbers, you have GOT A GOOD DEAL. RM19,500 released progressively over 3 years without interest. Interest (or kos pentadbiran) only starts Jan 2009. If you take a personal loan from bank at 6.75% (Maybank BLR + 0%)=> RM19,500 x 6.75% / 12 month = RM109.70 per month interest at best. Be happy, I think you're not short-changed. Take care.
i need to start making repayments too, but i aint not got any letters...
i just drop by at a bank and say hey, i wanna pay PTPTN back. is that the way to go?
hey lemme know how it pans out yea?...
Kevin: You can pay it off online or at the post office.. Go the the PTPTN website
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