According to PTPTN, there are about 6,000 people being blacklisted daily due to failure to repay student loans.
A total of 1.9 million borrowers owes PTPTN RM18.3 billion, as of September this year, with 739,000 yet to pay anything.
The blacklisted names are forwarded to the Immigration Department as those who have outstanding debts are not allowed to leave the country.
"So, for those who are on the blacklist, you know that you haven’t been paying your debts. You need to check it every day because we keep the list updated daily," said PTPTN chief executive officer Wan Ahmad Wan Yusoff in an interview with the New Straits Times. According to reports, the Immigration Department had barred 707,304 individuals from leaving the country because of the unsettled payments.
PTPTN updates the list of blacklisted names every day.
"So far, 31 % of the 264,000 borrowers have started contacting us to settle their debts, which is good news," he said.
As per the Budget 2017, Prime Minister Dato' Sri Mohd Najib Tun Abdul Razak announced discount incentives for PTPTN loan repayment. The incentives are valid from 22 October till 31 December 2016.
Up to 15% discount are available to those who make a full settlement of their total outstanding debt, while 10% discount incentive for those who make repayment of at least 50% of their total outstanding debt. Further, those who pay through salary deduction or direct credit according to repayment schedule will also receive 10% discount.
"Please start paying. Don’t wait until your names are on the blacklist because there are a lot of implications, like not being able to leave the country or get loans,” he said.
"It is your responsibility to pay off your debt. Be considerate and think about the new students. They could be your children or younger siblings. Don’t you want them to have the same opportunity to study in universities like you?" said Wan Ahmad.
*Information and quotes from New Strait Times; images courtesy of New Strait Times and Berita Harian