|Skim Prihatin Pendidikan 1Malaysia (SPP1M) 1Malaysia Education Care Scheme|
Skim Prihatin Pendidikan 1Malaysia (SPP1M) was launched by Prime Minister Datuk Seri Najib Tun Razak in February 2013 to assist students at the tertiary level obtain additional study loans.
The SPP1M loan acts as a top-up to the existing National Higher Education Corporation Fund (PTPTN) loan for students pursuing their bachelor's degree or master's in certain fields.
SPP1M would provide more opportunities for students to further their studies locally and those who previously could not afford to study abroad could do so now.
The SPP1M loans are offered for studies at local higher learning institutions listed under the MQA Rating System for Higher Education Institutions in Malaysia for 2011 (SETARA '11) and registered with YPPB.
The fields of study covered based on the National Education Code will be made avaitable on www.penerajuedu.com soon.
How much is SPP1M loan?
SPP1M loans are limited to RM150,000 for a medical specialist course and RM100,000 for the critical courses chosen.
The sum of government guarantee for the scheme is RM500 million, comprising 10 per cent of the SPP1M fund of RM5 billion.
When will SPP1M loans implemented?
The scheme will be implemented in two stages - during the second quarter of 2013 for entry into local universities and in June for twinning programmes and further studies abroad.
How will Skim Prihatin Pendidikan 1Malaysia (SPP1M) be managed?
Two banks, Maybank and RHB Bank, will be offering the loans with a lower interest rate than normally charged on borrowers.
The SPP1M, managed by a foundation, the Yayasan Peneraju Pendidikan Bumiputera (YPPB), offers a loan period of 20 years, capitalised interest and repayment by borrowers to start six months after completing their studies.
Interesting facts and figures:
In 2011, out of a total of 943,548 students at the tertiary level, 508,256 were studying at public institutions, 482,973 at private institutions and 6,319 at the community colleges.
Those studying at foreign higher learning institutions numbered of 89,686, with 27,003 of them sponsored by the government, corporate sector and other agencies while 62,683 were privately sponsored.