Dirty data behind PTPTN's mountain of debt
Swipenter:
The National Higher Education Fund (PTPTN) is one big scam for cronies
to make money and to give a feel-good factor to unqualified people the
illusion of being a college/university graduate.How many universities and colleges do we have for a population of 28 million? Around 70 and more? It must be one of the highest ratios in the world.
Many of them are set up by Umno cronies. Besides building universities and colleges that offer sub-standard education, they also build hostels for students to stay, eat and play.
It is a numbers game. Get as many under-qualified high school students to be college or university students and get PTPTN to finance these students to sustain their operations.
Later, the unemployable graduates will have to go for further training. Another round of money-making for these cronies.
Now we, the taxpayers, have a RM50 billion potential write-off. No half-decent organisation can run debts that high and survive and still be so blurred as to who their current debtors are.
ML Ho: PTPTN is not to help needy students but to fill the pockets of those fly-by-night university operators.
Students are just tools to transfer money from the left hand (the rakyat's money) to the right hand (university operators a.k.a cronies).
Those private college university operators are laughing all the way to the bank while the rakyat carry the RM50 billion baby and the cost to retrain a bunch of worthless graduates.
Anonymous #21828131: I knew all along that this disaster would happen. Try going to their office to make enquiries. Nothing seems to be in order. What has been repaid appears as unpaid and vice versa. Such is the incompetence of our PTPTN administrators.
It clearly shows a lack of supervision, accountability and responsibility by the people concerned. If only PTPTN officers had shown the competency of a bank, then things would have been much better. It is most unfair to those who diligently paid their loans.
These delinquent loans would be written off, I suppose. My fear is that with such dubious records and documentation, anywhere along the entire process, money could have been siphoned off as well.
Hero325: No need to recover the debt; after all if Pakatan Rakyat takes over, it is free education all the way.
T: So we have a government agency giving out loans with no idea how to recover them. How is this different from Pakatan's idea of abolishing PTPTN loans?
Oh yes, no opportunity for BN to give out dubious contracts worth millions and including miscellaneous administration costs.
All the BN economic geniuses who argued that the government will go bankrupt if PTPTN was abolished, better get out their calculators again.
Meranti Kepong: This is the poor taxpayers' hard-earned cash. And it should not be abused by the students and the loan agency.
Every attempt must be made to collect back the money. The loan agency must give the public a complete breakdown of the loan to students.
Something must be done and this is a very serious financial oversight due to the Umno government closing both eyes.
Anonymous #19098644: How incompetent can the BN administration be? Definitely they must have the identity card numbers of the borrowers.
All they need to do is run the IC number against the database of the National Registration Department (NRD) and the Employees Provident Fund (EPF).
The EPF database will be the most updated and current. For those without an EPF account, they can cross reference with the social security and passport database.
People don't just disappear from the databases unless they are dead, have renounced their citizenship, or decided to disappear and become hermits in the jungle.
Blind Freddo: Do you think the minister directed the PTPTN staff to be incompetent. Of course, he didn't - they did it all by themselves.
And that's a widespread fact that Malaysians refuse to acknowledge in their drive to blame everything on BN.
For over 20 years, the Australian system has been automatically deducting loan repayments once a student begins to earn above a threshold income.
All that is done without IC cards. But as usual, Malaysians know everything so are incapable of learning from either their own or other's experiences.
Bootsie: This is a shocking revelation of utter abuse of the worst kind. Billions, not millions, of ringgit unaccounted for. It is too hard for the taxpayers to swallow.
Timothy: PTPTN should use the small little Buku 555 for 'Pinjam, Hutang dan Bayaran' for each student. No need for web pages or servers.
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