Investing in your future by pursuing tertiary education is an excellent decision. However, tertiary education in Malaysia can be expensive. The Edge reported a few years ago that Malaysia had the world's fifth most expensive degree program. So, many secondary school graduates who want to further their studies would choose to take up student loans from PTPTN (National Higher Education Fund Corporation).

If you plan to further your studies, and you want to take up a PTPTN loan, paying it back could be a burden on your pocket. The EduAdvisor website mentions that monthly payments can go up to RM750. It would be better if you have some plans to help you.

Here are some ways you can quickly repay your PTPTN loan:

1. Restructure your payment plan

Restructuring your loan means adjusting the terms of the loan, which includes your monthly repayment amount, and how long you will need to repay the loan.You can do this by visiting any PTPTN counter or by calling any PTPTN customer service to ask how you can restructure your payment plan.

2. Combine all levels of your student loans

Let’s say you took loans for various levels of your studies like diploma, bachelor’s and master’s degrees. You have the option to combine the repayment of the loans into one loan rather than paying each one separately.By combining these loans, you are qualified to pay only one administrative fee so that you can save some money.You can do so by changing your current PTPTN plan to the Ujrah plan. This plan will reduce the fees that you have to pay. You can also do so by visiting the PTPTN counter.

3. Withdraw money from the Employees’ Provident Fund (EPF)

You may not know that you can withdraw your EPF money from Account 2 and use the funds to pay your PTPTN loan. Among other advantages why you should consider withdrawing your EPF is that there is no limit as long as there is a balance in your Account 2. On top of not having to pay any processing fee, you could enjoy saving the administrative cost, which may shorten the repayment period.

4. Amanah Saham Bumiputera (ASB) dividends

Saving money in ASB takes a lot of commitment. The good news is that when you start saving money with ASB, the dividends that you will get are high. The money you get from the dividend could pay off your PTPTN loan. The extra dividends to top up your loan payment accumulated with your monthly salary deductions will quickly help your PTPTN repayment process.

5. Paying back using your savings

This could be another way to repay your PTPTN loan. If you have some savings, you can choose to make extra payments using the savings or extra cash that you have. By making extra repayments consistently, you will shorten the term of your loan, which helps you settle your loan much faster and reduce the amount of interest you pay.

6. Use Pay4U to pay for the PTPTN loan

If you are considering taking a personal loan to pay for your PTPTN, hold on! There is another option that you can choose. You can consider using Pay4U. You don’t have to worry if you don’t have enough cash. With Pay4U, you can start paying your PTPTN loan using your credit card. When you use the Pay4U app, you can also pay other monthly expenses such as car loans, house loans, credit card bills, motorcycle loans and many more.They will be able to receive your payment even if they don’t have a Pay4U account or don’t accept credit card payments. Pay4U can also help you to accelerate and collect more credit card points.

Pay4U

It’s always a good idea to have a plan on how to repay your PTPTN loan. You can choose which way works best for you in your current situation. You’ll be able to pay off your PTPTN loan before you know it.