Watch out! Defaulters who have yet to start their repayments for their National Higher Education Fund Corporation (PTPTN) loans will soon find their names on the Central Credit Reference Information System (CCRIS).
Once the names of these young graduates are on the CCRIS, they might find it harder to apply for other types of loans such as car or housing.
Other measures taken in the past by PTPTN included publishing the names of defaulters in the newspapers and barring them from leaving the country because they ignored repeated reminders to repay their loans for more than five years.
Second Education Minister Datuk Seri Idris Jusoh said PTPTN would work together with Bank Negara to include the names of defaulters on the CCRIS.
“Those who have outstanding loans might face difficulties when applying for other loans,” he told reporters after attending the PTPTN Hari Raya celebrations.
PTPTN chief executive officer Agos Cholan said putting the list of defaulters on the CCRIS would be carried out in stages.
“We want to let the public know about it and hope that they will come to discuss their loan repayments with us,” he said when contacted.
CCRIS is an online system that houses borrowers’ credit information collected by the central bank’s credit bureau department from participating lending institutions and is then furnished back to the institutions to assist them in making informed decisions on credit applications.
Idris advised those who were unable to pay their loans to discuss the matter with PTPTN and negotiate a new repayment schedule.
It was reported in July that 418,094 people had yet to repay their PTPTN loans worth RM2.8bil.
Prime Minister Datuk Seri Najib Tun Razak, when tabling Budget 2013 last year, had announced a 20% discount for those who settled their outstanding amounts in full by Sept 30 this year.
Since its inception in 1997, PTPTN has approved loans for 2.17 million students, of which 17,387 have been exempted from repaying their loans for having graduated with first class honours.