EDUCATION FINANCING
The scholarship covers the duration of their studies and includes tuition fees and living allowance. “We also provide Higher Education Preparation assistance in the form of cash of up to RM1,000 for preparation prior to starting studies.”
Students at Institut Professional Baitulmal and Pusrawi International College of Medical Sciences are also eligible for financial aid. “We do not only offer aid for religious studt also cover fields such as ne, dentistry, engineerusiness and information logy and other disciplines re Stuon full-time studies for at six months and who have ed acceptance letters gible to apply. Applicants not have full scholarsponsorship or allowance ny other parties. But our n complement insufficient g,” he said. er than MAIWP, the Islamic Religious ls from other states also offer higher ion schemes. The Higher Education Loan Scheme from Koperasi Jaya Diri Malaysia Bhd (Kojadi) is another option.
General manager Tan Bean said: “Kojadi was founded in 1981 with the aim to assist needy and aspiring students to pursue higher education by providing education loans on the co-operative principle of self- and mutual help. Over the past 36 years, it has provided more than RM240 million in education loans to some 12,000 students.”
She added: “Since the launch of the maiden education loan scheme, we have implemented 12 loan schemes to cater to changing education needs of our members. These schemes cover almost the entire spectrum of tertiary education, ranging from vocational and technical to foundation and undergraduate and postgraduate education, both at local or overseas institutions of higher learning. Our yearly allocation for education loans is open-ended. The maximum loan for local studies is RM100,000 and RM200,000 for overseas and/or lab-based programmes such as medicine.”
Kojadi loan schemes are open to all eligible Malaysian students irrespective of whether they are studying in private or public institutions. Key requirements include being 18 years old and above, and a member of Kojadi; formal acceptance by an approved institution; and provision of guarantor(s).
“Loans are disbursed in one lump sum or instalments to the applicant or designated education institution. Students are given the option to service the interest on their loans during their study period. Repayment usually starts six months after they have completed their studies. We provide various modes of repayments such as online banking, fund transfer, JomPay and payment at the counter.
“Most students financed by Kojadi loans successfully completed their studies. If any loan recipient drops out halfway, the loan granted may be recalled and loan recovery measures initiated.”
New in the education financing market is the Affin Education Financing-i from Affin Islamic Bank Bhd.
Chief executive officer Nazlee Khalifah said the ant education financing product is structured on the Islamic concept of
which refers to a contract of service hiring, where the bank purchases the course programme and subsequently leases it to a student.
“This new offering covers tuition fees to complement facilities like PTPTN loans.
“Colleges and universities receive disbursements directly from the bank. Once the student secures financing, the learning institution is assured of payment. Funds are disbursed as per the billing fees of the institution. Normally it is on a semester basis,” he said, adding that the types of courses eligible for financing are guided by the bank’s committee.
Affin Education Financing-i is offered on a joint application basis by parents or guardians together with the student. Collateral is not required and the financing is available to students from the approved panel of universities and colleges.
Malaysian citizens aged 18 to 45, who are full-time, part-time, new and existing students, are eligible to apply. The financing is available for those pursuing diploma, degree and postgraduate programmes at universities and colleges in the country.
During the study period, the student or parents/guardian only services the monthly profit according to the method; payment of instalments starts upon completion of studies.
“Currently, the maximum financing amount is RM150,000. But we are looking to increase it, depending on the tuition fees.”
Available since the middle of 2017, Affin Education Financing-i was launched at one of Affin Islamic’s panel universities, Management Science University, earlier this year.