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PETALING JAYA: Student activists have criticized the increase in the loan repayment threshold granted by the Puttenjaya Corporation (PTPTN) from RM1,000 to RM2,000, saying it was not enough.
Universiti Malaya (Umany) University Youth Association asked Deputy Education Minister Teo Nie Ching, who announced the increase in her budget yesterday, to clarify how the proposed 2% wage cut would increase to 15 percent. %.
"I remind the government to announce in more detail the arrangement, its terms and conditions, how it established the ratio of 2% to 15% to pay off debts according to his salary, what is the period given to repay all debts and the method of calculation used in this system.
"To convince people, you need to have data and research papers to support your plan," Umany chairman Wong Yan Ke told FMT.
In the 2019 budget tabled earlier this month, the government announced a repayment system expected between 2% and 15% of the borrower's monthly income, applicable to people earning over RM 1,000 a month.
According to Teo, a 2% wage reduction of RM40 will be made as soon as the borrower's salary reaches RM2,000. This would gradually increase to 15% depending on the monthly salary of the borrower, she told Dewan Rakyat.
However, this applies only to the average 40 (M40) and lower (40) income groups, while those who rank in the top 20 (T20) will continue to face their loans "since they come from wealthy families. ".
Wong said that any debt payment system should not be based solely on the salary of a PTPTN loan taker, but also on the financial situation of his family. Some, he said, were still poor and the only breadwinner in the family.
On Teo's proposal that T20 first-class students would honor their loans and not be exempt, unlike the B40 and M40 groups, Wong welcomed the decision. That's what activists were fighting for, he said.
"Some of them may have low wages but come from wealthy families or T20 families. If this is the case, they should give no excuse to pay the debts according to their salary, "said Wong.
The policy change stems from the protest of students from different local universities, coming from Universiti Malaya to Parliament to protest the repayment schedule of the loan announced by the government in the budget.
This is contrary to what Pakatan Harapan (PH) promised in his manifesto: PTPTN loan takers will only need to repay their loans after their salary reaches RM4,000 per month.
The Gabungan Pembebasan Akademik (GPA) told FMT that the decision to raise the threshold was laudable, but that it was still not enough as it "does not solve any of the project's fundamental problems" .
GPA General Secretary Siti Nurizzah Tazali cited an estimate from Negara Bank that a person needs RMF 2,700 per month to live comfortably in Kuala Lumpur. They must also manage the home and car loans as soon as they start working.
"We need to start saving in order to stabilize our financial situation. That's why we felt that the initial threshold of RM4,000 was a reasonable goal, "she said, adding that the new threshold would only benefit some of the PTPTN graduates.
Siti added that the government had long ago "hypocritically suggested" that the PTPTN defaulters were hurting the national budget, which she said was not true. PTPTN draws its money from private lenders and depends entirely on repayments.
"Even if we manage to force everyone to repay on time, we are just feeding the guaranteed profits to these private lenders and private universities and colleges. PTPTN has been configured to fail.
"In our opinion, students will continue to be the key words in the debate over the choice of the TPTP income threshold. The PTPTN network must be nationalized and eventually replaced by free education financed by the taxation of the rich, "she said.
Syazwani Mahmud, a student activist, said the "slow progress" towards the initially promised threshold of RM 4,000 was proof that the government and the Ministry of Education "do not really care about students".
"Stop giving the excuse that the government does not have money and that the economy is struggling. The government could also have solved these problems.
"The Minister of Finance, Lim Guan Eng, had previously said that there would be no tax on the rich to avoid a shock on the financial system. Yet, they decide to ask students to repay the PTPTN from RM2,000.
"Is it fair for students, even if some of us have to support their families or come from low-income backgrounds?", She said, adding that this should not be a problem. burden for the students because Putrajaya was "unable to solve the structural problems of the PTPTN".
She said she would personally continue to press for the government to keep its original promise.
Sharan Raj, youth leader of the Sosialis Malaysia Party, said it was ironic to see Malaysian students spending money to go home and vote for PH on May 9, but that 's right. they were now "drawn from their already meager wages."
Sharan asked why the government was not looking for a way to reduce the costs of the PTPTN network, wondering why it was not installed in a government building in Putrajaya and whether the remuneration of its directors and officers had been taken into account.
"This means that PTPTN, for a statutory body, pays a huge sum in rent. All of these savings could have been used to increase the repayment threshold, "said Sharan.
"The government's inability to deliver on its promise is explained by the fact that the PTPTN model has never been sustainable.
"Malaysia should consider imposing a capital gains tax (shares, bonds, large deposits, land sales) in the top 1% to increase government revenue to finance education. They are the main beneficiaries of an educated and skilled workforce, "he said.
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