Are you wondering why you should start paying your PTPTN study loan? Have you started paying your PTPTN study loan?
For those borrowers who had graduated and started earning an income, but still have not started paying their PTPTN study loan, I shared below the reasons why you should start paying your study loan.
5 reasons why you should start paying your PTPTN study loan
Without further ado, let’s dig further into why you should start paying your PTPTN study loan.
1. No free money
I always believe there is no free lunch and no free money. We need to pay back based on what we had agreed in the offer letter. PTPTN is still very kind to offer a scholarship for those with excellent results.
Last year, PTPTN also offered up to a 20% discount for those borrowers who wish to make full settlements for their study loans.
If you still wish for free money, then try your best to obtain a Bachelor Degree with First Class Honour. Else, we still need to pay back our PTPTN study loan.
2. Prove that you are someone with responsibility
Most PTPTN borrowers are tertiary students from IPTA and IPTS. Prove that we are graduates with high responsibility.
And show PTPTN that the money they lent us is worth it and we appreciate their effort to enable us to further our study by providing financial assistance.
The only way we can prove this and thank you PTPTN is to start paying the study loan according to the agreement.
3. To ensure the continuation of PTPTN study loan
Think about the financial support for our younger siblings or our children.
If most borrowers did not pay back their study loans, where will our future generations get their financial assistance to support their tertiary education?
Poor study loan repayment records will discourage PTPTN from providing study loans for future generations.
Thus, if every borrower pays their study loan accordingly, there is sufficient fund for future PTPTN recipients.
4. To avoid increased interest charges
For my PTPTN which was the conventional loan, the interest is 4% based on the balance.
So, this means, if I delay in paying my loan repayment, there will be a higher interest amount that I need to pay. This also means a longer repayment period.
Thus, it is wiser to follow the existing repayment schedule to avoid additional charges imposed.
5. To avoid a hassle in the future
With the offer letter we signed, PTPTN has the right to take action when they did not receive the payment as per the schedule in the offer letter.
Since last year, PTPTN has started to ‘blacklist‘ borrowers who refused to pay back their study loans.
As for me, I wish to have peace of mind and not to be troubled with study loan matters. Thus, I choose to pay my PTPTN study loan.
Final thoughts
I hope what I share above is convincing enough for you to start paying your PTPTN study loan.
Lastly, if you have not done so, do take action now and don’t delay any longer.
Read more: How to make PTPTN study loan repayment
