Thursday, December 16, 2010

Settle loan or else...

State threatens to publish defaulters' names in newspapers

 
THE names of those who defaulted in the repayments of study loans from the Penang Government’s Education Fund will be published in newspapers if they fail to pay up by the end of the month.

Chief Minister Lim Guan Eng said the names of their guarantors would be published as well.

He said 1,685 defaulters had yet to settle RM7.54mil as of Nov 30 while 5,965 borrowers made prompt payments.

He said the defaulters included those who took loans in the 1970s.

“We need to keep the fund running to enable others to take loans to further their studies in certificate, diploma, degree, masters or PhD courses,” Lim told a press conference at his office in Komtar yesterday.

He said legal action would be taken against defaulters who did not pay up after their names have been published.

He said those who had taken study loans from the fund could check their status by calling the Students Loans Unit at Komtar’s 29th floor (04-6505627/5599/ 5165/5391) or visit the state government’s website (www.penang.gov.my).

Those who wish to apply for the loans could do so online through the same website from May 2 to July 31 every year.

On another education related matter, Lim said the state government had disbursed RM1.652mil in financial aid this year under the state’s Scholarship Trust Fund to help poor Forms One to Five students in the state.

He said the amount disbursed last year was RM1.539mil compared to RM625,440 in 2008.

He said the state had last year doubled the aid from RM240 to RM480 a year for those in Forms One to Three while those in Forms Four and Five got RM720 a year from RM360 previously.

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