More saving up for education under SSPN

MORE Malaysians are taking to the idea of saving up for education through the National Education Savings Scheme (SSPN).

Higher Education Minister Datuk Seri Idris Jusoh said that until July, more than three million Malaysians had opened accounts with SSPN, with total deposits reaching RM2.846 billion.

He said the SSPN would help people reduce their dependence on loans.

“SSPN is unique as the dividend offered is more competitive compared with conventional financial institutions.

“Depositors also get to enjoy RM6,000 tax relief, takaful protection and lucrative lucky draws, not to mention their deposits are guaranteed by the government,” he said.

Idris added that the National Higher Education Fund Corporation (PTPTN) had improved its system for diploma students who take a second loan for further studies.

Their loans will be merged to avoid problems with financial institutions, as PTPTN borrowers would be listed under the Central Credit Reference Information System (CCRIS) when it comes time for them to begin repayments.

Borrowers need to service their PTPTN loans six months after graduation.

Idris said this in reply to a question by Datuk Dr Noor Azmi Ghazali (BN-Bagan Serai) during the Minister’s Question Time at Dewan Rakyat yesterday.