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|
Introduction |
The
cost of tertiary education does not come cheap, but
it is a lifetime investment for your future. Therefore
whether your parents can afford your entire or partial
cost of tertiary education, you are advised to go through
this pathway in order to be competitive in your career
advancement. If your family cannot afford the cost,
you may work while studying part-time or look for some
forms of scholarship, study grant, loan or other sources
of financial aid to help you to pay for your education
As you can see that
tertiary education is not cheap and the cost of education
is projected to increase at a compounded rate of 5%-10%
per year, so higher education in the future is just
going to get more expensive. It is therefore important
to plan ahead and look at the various options and sources
that are available to help finance your education. This
Chapter provides some places and sources that you can
approach for funding your education. Some of which include
the Scholarship from Public Services Department (JPA)
and Ministry of Education, The STAR Education Fund,
MAPCU Scholarship Programme, PTPTN loans, Skill Development
Fund, EPF Education Withdrawal Scheme, SOCSO Loan for
Dependent Children, education insurance policy as well
as loans from banks and education investment in unit
trusts. |
| Public
Services Department (JPA)'s Sponsorship Programme
|
| PSD (or more popularly
known as JPA) offer scholarships or loans to Malaysian
students to further their education in Malaysia or in
overseas universities. The various sponsorship programmes
being offered are : |
| Overseas
Education Sponsorship Programme |
| Under this programme,
those outstanding students will be selected to undergo
1 to 2 years preparatory course in Malaysia and thereafter
these students will be placed in reputable universities
overseas (either UK or USA) subject to the following: |
-
|
Passing the preparatory course with excellent grade |
-
|
Gain acceptance into any reputable universities
determined by JPA |
-
|
Passing health test |
|
| Under this sponsorship,
scholarships are given out and recipients of the scholarship
will be bonded to work for the government. |
| German Engineering
Programme |
| Under this programme the
selected students will be sponsored with scholarships
and have to attend 2 years preparotary course at PPPITM,
Shah Alam. In the preparatory course, students are prepared
to sit for the A-level exam and study basic German language. |
| Those who pass the German
language test and are accepted into German university
will be sent to pursue degree programmes in any German
university. |
| Local Education
Sponsorship Programme |
-
|
Scholarship |
|
|
Scholarship
is offered to outstanding students to pursue programmes
such as in Medicine, Dentistry, Pharmacy, Engineering,
Science and Technology as well as social Science
in local public universities. Scholarship will
be offered to outstanding Polytechnics students.
|
-
|
Study Loan |
| |
The loan
is granted to students studying overseas who face
financial difficulties. The loan is to cover the
tuition fees only. Applicants’ requirements
for local sponsorship programmes:
|
| |
-
|
Malaysian citizen
|
-
|
Acceptance into public
universities, UiTM or polytechnics
|
-
|
Not more than 26 years
old for Diploma level programme
|
-
|
Not more than 36 years
old for Bachelor degree or advanced diploma
programmes
|
|
|
| For enquiry and
obtain application form : |
Jabatan Perkhidmatan Awam
Bahagian Latihan
Aras 4, 5 & 6, Blok C1, Parcel C
Pusat Pentadbiran Kerajaan Persekutuan
62510 PUTRA JAYA |
Tel: 03-88853401
Fax: 03-88892164
Website: www.jpa.gov.my |
|
National
Higher Education Fund (Perbadanan Tabung Pendidikan
Nasional - PTPTN Fund, Ministry of Education) |
The National Higher Education Fund
(Perbadanan Tabung Pendidikan Tinggi Nasional, PTPTN)
was established under the National Higher Education Act
1997 (Act 566) and started full operation on 1 November
1997. Its main objectives are to provide loans to eligible
students at higher learning institutions (IPTA and IPTS)and
; to provide saving schemes and to manage funds for higher
education. |
|
Loan Eligibility Requirements |
- |
Malaysian citizen |
- |
Pursuing full-time studies at first degree or diploma level at any of the IPTA
and IPTS in Malaysia |
- |
Pursuing Master degree programme at any IPTA and
IPTS in Malaysia |
- |
Not receiving financial assistance from other bodies |
- |
Subject to "Means Test" (evaluation
of family financial status) |
|
|
Loan Amount Per Year (Depending on course and institution) |
| First Degree Level : |
- |
For IPTA students - from RM3,000 to RM6,000
per year |
- |
For IPTS students - from RM8,000 to RM20,000 per
year |
|
| Diploma level : from RM2,500 to RM
5,000 per year |
| Insurance |
| Students are required to get insurance
and premium deductions made on their behalf by PTPTN. |
| Repayment |
| - Repayment period : |
| IPTA students : Bachelor Degree (Science
Stream)
: 15 years |
- |
Bachelor Degree (Arts Stream) : 10
years |
- |
Diploma (Science/Arts Stream) : 10
years |
| IPTS students : Bachelor Degree (Science Stream)
: 20
years |
- |
Bachelor Degree (Arts Stream) : 15
years |
- |
Diploma (Science/Arts Stream) : 10
years |
|
| How To Apply |
- |
Using the standard form prepared by PTPTN (Borang
OMR) |
- |
Enclosing letter of acceptance
by IPTA/IPTS; SPM result or its equivalent; confirmation
of parents
or guardian’s income |
- |
For IPTS students, their applications need to be
submitted through the respective
IPTS |
|
| For further information, please contact: |
Perbadanan Tabung
Pendidikan Tinggi Nasional (PTPTN)
Lot G1, Tingkat Bawah
Wisma Chase Perdana
Off Jalan Semantan
Damansara Heights
50490 Kuala Lumpur
|
Tel: 603 - 2098 3731
Ext 3808 for IPTA
Ext 3814 for IPTS
Fax: 603 - 2094 2769
Website: http://www.ptptn.gov.my
|
|
Skill
Development Fund (Tabung Pembangunan Kemahiran), Ministry
of Human Resources |
The
main objective of setting up the Skill Development
Fund (SDF) is to increase
the number of skilled workers in line with the need
for K-workers (k n ow l e d g e a bl e workers) in
the K-economy.
The role of the fund is to provide financial loans
to trainees who are undergoing skills training. The
setting
up of the SDF can help to alleviate the financial burden
of parents who are financing their children’s
skill training. This is done in view of the high financial
cost of the training and the fact that most of the
trainees
are from low and middle-income group from rural areas.
The trainee needs to repay the loan only after completion
of training. |
The setting up of the
SDF was approved by Parliament on 14 December 2000 as
a Trust Fund under Section 10 of the Financial Procedure
Act 1957. The fund is specifically used to finance the
loans for skill training.
|
To manage the SDF, a new
division called the Skill Development Fund Division (SDFD)
was set up on 1 January 2001 under the Ministry of Human
Resources. The role of the SDF is similar to the National
Higher Education Fund (NHEF). While the SDF provides
loans for skill training, the loan by NHEF is however
for academic studies. |
| Loan Eligibility
Requirements |
- |
Malaysian citizen |
- |
Pursuing a Sijil Kemahiran Malaysia (SKM) Level 1-5 course, which is
accredited by the National Vocational Training Council (NVTC) |
- |
No financial assistance from any other government agency |
- |
Aged between 15 to 50 years. |
|
| Loan Amount |
-
|
Maximum RM 5, 000 per year
for the duration of training
|
-
|
For part time trainees, only
the fees amount is provided
|
-
|
Subject to an administrative
charge of 4% per year based on the reducing balance
|
|
| Guarantors |
| The borrower must have
two guarantors, one of whom is the parent/guardian/husband/wife.
The second guarantor must have a monthly income of not
less than RM 600 and must not be more than 45 years old. |
| Loan Amount |
Repayment Period |
| RM 5,000 |
5 years |
| RM 10,000 |
10 years |
| RM 15,000 or more |
15 years |
|
| Repayment |
-
|
The borrower is required to
start the repayment of the loan six months after
the end of the training or after securing a job,
whichever is earlier.
|
-
|
The maximum repayment period
for the loan is as follows, with the condition
that the loan is fully repaid by the age of 60
years:
|
|
|
How To Apply |
Applications
forms can be downloaded from the Ministry’s Website
or obtained from the following address. Requests by
post must be accompanied by a stamped (35 sen) self-addressed
envelope (165mm x 229 mm).
|
|
Bahagian
Tabung Pembangunan Kemahiran
Kementerian Sumber Manusia
Aras 9, Blok D4, Parcel D
Pusat Pentadbiran Kerajaan Persekutuan
62502 W.P. Putrajaya
Tel : 03-88865000
Fax: 03-88892435
|
The
Star Education Fund |
The
Star Education Fund was launched by the Minister
of Education in 1994 in conjunction with The Star
Education Fair. Each year, at the official opening
of the Star Education Fair, the Minister of Education
or his representative would receive the scholarship
awards from the contributors on behalf of the Fund. |
The
Fund acts as an umbrella body for individuals, corporations
and educational institutions interested in contributing
towards the education of exceptional and needy students.
The objectives of the Fund are to provide educational
and training opportunities to deserving and needy Malaysian
students, as well as to play a role in assisting the
nation in meeting its manpower needs and to make Vision
2020 a success. |
| The
Fund comprises two tiers: |
| Tier
1 |
- |
The
Star Newspaper ’s own contributions |
| Tier
2 |
- |
Contributions
from local IPTS and overseas educational institutions
of higher learning for students to pursue selected
programmes at constributors’ institutions
|
|
| Scholarship Eligibility |
- |
Malaysian
citizen and must be below 25 years of age |
- |
Applicants
must be active in sports and/or co-curricular
activities |
- |
Applicants
must not be bonded to or a recipient of any
financial aid or rewards from other educational
institutions or organisations |
- |
Possession
of good academic results |
|
| How
To Apply |
Advertisements
inviting applications for the scholarships will appear
in The Star between February and April. Shortlisted
applicants will be invited for interview between
May and July. |
|
For further information, please contact: |
|
|
The
Malaysian Association of Private Colleges and Universities
(MAPCU) Scholarship |
The
NST-MAPCU Scholarship Programme, a joint project
of New Straits Times (NST) and the Malaysian Association
of Private Colleges and Universities (MAPCU). |
| It
is aimed at financially deserving students with satisfactory
academic record, providing them the opportunity of
quality private education. |
In
line with the government’s policy of establishing
a caring society amongst Malaysians, MAPCU, through
its participating member institutions has made available
more than Ringgit 2 million for the NST-MAPCU Scholarship
2003. |
| Scholarship
Features |
- |
Open
to financially deserving students with good
academic results |
- |
Based on SPM and STPM results |
- |
Full tuition fee waiver
for the entire duration of the course in Malaysia |
- |
All scholarships are for
studies in Malaysia at leading participating
institutions |
- |
Terms
and conditions set by respective institutions
and NST-MAPCU shall
apply |
|
| Applicants’ Criteria |
To
be eligible for the scholarship programme, applicants
must meet the following general requirements : |
- |
Applicants must be Malaysian
citizens. |
- |
Applicants
must possess good academic results in SPM/‘O’ Level,
UEC and/or STPM/‘A’ Level examinations
or its equivalent |
- |
Applicants must qualify to
gain admission to the participating institution
for the relevant course |
- |
Applicants must be active
in sports and/or co-curricular activities |
- |
Applicants
must possess leadership qualities and be self
motivated |
- |
Applicants must be financially
deserving. |
- |
Applicants must not already
be in receipt of any scholarships, financial aid
or award from other educational institutions or
organizations. |
- |
Applicants must abide by
the terms and conditions of the NST-MAPCU Scholarship
Programme. |
- |
Applicants must abide by
all other terms and conditions of the awarding
institution,
including any bond required. |
|
The
list of participating colleges and their contact
address can be found at MAPCU’s official website
at www.studymalaysia.com/mapcu. |
For more information, students are advised to call the relevant institution for
details of the scholarship offered and course information. |
| For
more details, please visit website:-www.studymalaysia.com/mapcu |
| Enquiries |
| Enquiries
on specific institution’s scholarships, please
contact the institutions directly |
| Application
Forms |
Application
forms can be downloaded from MAPCU’s website
or obtained from the participating institutions
or write/e-mail to the NST-MAPCU |
Scholarship Secretariat at :-NST-MAPCU Scholarship Secretariat
No. 1 Jalan SS15/8,
47500 Subang Jaya
Selangor
|
The
Social Security Organisation (SOCSO) Education Fund |
SOCSO’s
education fund is for the benefit of SOCSO’s
members/contributors. It is in the form of a loan
given to dependent children who are in receipt
of a monthly benefit for :- |
• Dependent’s
Benefit
• Survivor’s Pension or children of an employee who is in receipt
of a monthly benefit for :-
• Permanent Disablement
• Invalidity Pension |
However,
this study loan can be converted into a scholarship
if the students obtain excellent results such as graduating
with a First Class Honours Bachelor degree. |
| Conditions
for Eligibility |
| Children
who are eligible for the education loan are :- |
- |
dependent
children of an employee who are : Contributors
to the SOCSO insurance schemes / receiving
Invalidity
Pension / receiving periodic permanent disablement.
The children must be below 21 years of age
and unmarried at the time of the application. |
- |
dependent
children of an insured person who has died
as a result
of an employment injury / while receiving
invalidity pension / before reaching the
age of 55 / and
who fulfills the contribution’s qualifying
conditions. The children must be below 21
years of age and unmarried. |
- |
dependent children who
are above 21 years of age but are receiving
a monthly benefit ALREADY studying in an institution
of higher learning and unmarried at the time
of application |
- |
dependent children who
have been offered a place or have registered
in any university / college / local Institution
of higher learning (including institutions
that conduct twinning programmes) on condition
the degree is completed locally. The institution
concerned must be registered with the Ministry
of Education or the qualification is awarded
by the National Vocational Training Council,
Ministry of Human Resources; |
- |
applicants who are not
holders of any other scholarship or loan by
any other authority. |
- |
children whose family
finances are insufficient to support the cost
of the education |
|
| Method
of Application |
\The
application has to be made by filling the “PERMOHONAN PINJAMAN PENDIDIKAN
PERKESO” form which is available at the SOCSO Local Office. |
| Amount
of Loan |
The
amount of the loan depends on the course taken and
includes cost of living and other expenditure as determined
for loans by SOCSO. |
| The
actual amount of the loan includes : |
- |
Registration fees |
- |
Course fees including laboratory
and lecture fees |
- |
Examination fees |
- |
Subscription for student
associations made compulsory by the university,
college or institution of higher learning |
|
| Other
expenses determined from time to time such as : |
- |
Subsistence
|
- |
Flight cost |
- |
Books |
- |
Instruments |
- |
Expenditure for preparation
of a thesis |
- |
Practical/training costs |
|
Employees
Provident Fund (Account II) Withdrawal Scheme For Education |
This scheme allows EPF
members to withdraw from their account II to pay the
fees for their children or for themselves to do further
studies in any local or overseas institutions. |
|
Level of Education |
|
For member |
|
- Diploma and above. |
|
For member’s children |
| |
- Degree and above. |
|
| Amount Eligible
for Withdrawal |
Members may withdraw the
maximum amount of the total fees or all balance in account
II, whichever is lower. Members may apply for withdrawal
in each academic year provided that there is balance
left in the account II. |
| Mode of Payment |
Basically, there are three
modes of payment made by the EPF under this scheme. They
are payments made to: |
i. |
the local institutions of higher learning. |
ii.
|
members if members or their children are pursuing
studies abroad or for any payment made by the member,
subject to the terms and conditions. |
iii. |
the financial institutions
to settle or reduce the balance of study loans
taken up by members under
certain conditions in which the member or members’ children
are currently studying in institutions of higher
learning that includes study loans under the name
of the member or both the member’s and their
children. |
|
| How to Apply |
Before a member can apply
for withdrawal under this scheme, the member is required
to check the balance in account II and obtain a letter
from EPF that shows how much is allowed to be withdrawn.
To obtain this letter, the following documents are necessary: |
- |
letter of acceptance from
the university or college for the member or member’s
children or letter of registration for subsequent
years of study (for
second year and following years). |
- |
Member’s identification
card. |
- |
copy of member’s bank
account book or Current Account Statement. |
|
Members can apply for
this scheme by completing the KWSP 9H (AHL) form together
with the relevant supporting documents. For more information,
please visit or call the nearest EPF office. Any queries
can be sent to the EPF via e-mail. |
|
Employees Provident Fund
Bangunan KWSP
Jalan Raja Laut
50350 Kuala Lumpur
|
The
Scholarship Division, Ministry of Education |
The
Scholarship Division (the Secretariat for Scholarship
Board of the Ministry of Education) select and award
bursaries and scholarship to Malaysian for higher education
both locally and overseas at the diploma, degree and
postgraduate levels. Application must be made directly
to the Division. |
Children
Education Insurance Saving Scheme |
Realising
that the cost of higher education is increasing
annually, and that most parents’ priority
is to provide the best education opportunities
for their children,
most insurance firms have come up with Education
Insurance. This scheme helps parents to set-up
an education fund for their child/children. As
with
all insurance, the earlier parents start with the
Education Insurance Plan, the more secure the education
funds will be by the time their children need the
money for their studies. |
The
good thing about getting an education insurance is
that you are assured of education funds as it is
basically your/your parents’ money. These plans
usually allow the insured to withdraw the amount
upon maturity,
or convert the policy to a fully paid-up whole life
insurance plan. However, different companies have
different schemes and plans for their customers,
so it is best
to scout around for what best suits your particular
needs. |
| If
you wish to know more about insurance, please write
to: |
|
Persatuan Insuran Am Malaysia
3rd Floor, Wisma PIAM
150, Jalan Tun Sambanthan
50470 Kuala Lumpur.
Tel : 603 - 2274 7395/9
Fax : 603 - 2274 5910
|
Bank
Loans |
Bank
loans are possible, but most ask for asset collateral,
such as properties or stocks, to support the money given
out. The interest rate charged can vary with different
banks. It is very common to pay between 1.5% to 2% above
current base lending rate for these loans. Banks usually
have a minimum and maximum loan amount they will consider
for educational needs. In addition for tuition fee,
the loan may also cover monthly living expenses, depending
on the bank’s terms. Before approving the loans,
the banks would usually require one or two adult guarantor/s
or co-borrower/s with a specified minimum earning wage.
They may also request for collateral asset such as landed
property, fixed deposit, etc as an additional security
to the loan. |
Unit
Trusts Investment Schemes |
This
method of financing involves a long-term investment
(minimum of 5 years) that parents/guardians undertake
to secure financial funding for their children’s
education. |
|
Every
month, a pre-determined amount is invested in the unit
trust(s) of their choice. The accumulated principal
and bonus/dividends derived can then be used in future
to pay for the child’s higher education. |
Conclusion |
Besides
those scholarship or study loan providers mentioned
above, there are also many other sources of study fund
providers such as privately run charitable foundations
like Kuok Foundation Berhad, MTC Scholarship Foundation;
clan associations; private companies like Public Bank,
Shell Malaysia, Petronas Scholarship Division, NST Scholarship,
Tenaga Nasional, Yayasan Telekom Malaysia, Petronas
Scholarship, INTEL’s Scholarship; MARA; KOJADI;
UMNO Youth IPTS Scholarship Fund; Bank Negara Malaysia
Scholarship Division; State Foundations and many other
providers. |
