Is limited financial resources and your results standing in your way of achieving your dreams?
If you’re looking for ways to finance your higher education, look no further than PTPTN. The PTPTN loan accepts applications even with just 3 credits in SPM.
Let's look at a few things that you need to know before applying for a PTPTN loan, and the steps involved.
You can use both a PTPTN loan and a scholarship to fund your studies. Contact us to find out how!
What is PTPTN?
The Perbadanan Tabung Pendidikan Tinggi Nasional is a government institution that was established to provide study loans to Malaysian students for their local tertiary education.
Who is Eligible?
In order to be eligible for a PTPTN loan, you need to fulfil the following criteria:
Age 45 years and below
Passed SPM with at least 3 credits in any subjects; or
Passed SPM and obtained a CGPA of 3.0 and above for a community college Certificate graduate who received an offer to a polytechnic diploma level or a polytechnic diploma graduate who is offered a postgraduate degree
Must have received an offer to study at an institution of a higher learning (either public or private institutions)
The course that you are studying is accredited by the Malaysian Qualifications Agency (MQA).
How Much Can You Borrow?
1. Your Household Income Determines Which Category You Belong In
The percentage of the maximum amount of funds you can borrow depends on which category you fall under.
2. Your Chosen Course and University Will Determine Your Loan Amount
Since tuition fees for private institutions are more expensive, their loan amounts are typically higher compared with public institutions. The same goes for science courses compared with humanities courses.
Do note that only Foundation courses at these Private Institutions are eligible for PTPTN loan:
- Universiti Multimedia (MMU)
- Universiti Tenaga Nasional (UNITEN)
- Universiti Teknologi Petronas (UTP)
- Universiti Tun Abdul Razak (UNITAR)
Want a better picture?
Let’s say your household income is RM6,000 and you want to pursue a Degree in Engineering at a Private Institution. You will be eligible for a maximum loan of RM10,520 per year, which is a total loan amount of RM42,080 for a 4-year Engineering Degree.
A PTPTN loan may only cover part of your study fees so it is advisable to plan your finances carefully to avoid any gaps in funding for your tertiary education!
5 Easy Steps To Apply For a PTPTN Loan
Step 1: Sort Out the Following Necessary Procedures at the Bank
Open a Skim Simpanan Pendidikan Nasional (SSPN-i account) at Maybank, Bank Simpanan Nasional (BSN), Bank Islam, CIMB Bank, Agrobank or Bank Rakyat. Alternatively, you can do this at any PTPTN counters.
Open a savings account at a panel bank. Remember to check with your institution on the banks that are in their panel.
Buy a PTPTN PIN number from BSN for RM5. The number will be valid for 6 months and once you log in you will be using this PIN number for all your PTPTN related matters.
Note: You can only apply for your PTPTN loan with a SSPN-i account so it's important that you have one.
Step 2: Submit Your Online Application Form
Do check with your college or university if you have any questions. Providing incorrect or insufficient details will only cause your application to be rejected.
Step 3: Check the Results of Your Application
You can start checking the results of your loan application 6 working days after the closing date of your PTPTN online application.
Step 4: Submit Relevant Documents to Your Institution
Consult your college or university counsellors so that you don't miss out on any important documents.
Step 5: Receive First Payment
Loan disbursement will be paid into the designated bank account 2 months upon approval, so be prepared to pay your registration and tuition fees first.
The important thing is to prepare your financial resources early in order to have sufficient funds to pay for your current semester fees.