So with the recent news reports about names being listed in the Central Credit Reference Information System (CCRIS) and people being stopped from travelling out of the country, a very frightening acronym (for some of us) rings an alarm in our heads – PTPTN.

If you find yourself missing your education loan repayment every month, whether due to unemployment, one too many Starbucks every day or just the plain old “I forgot to pay”, the National Higher Education Fund Corporation has implemented a new method that will give you no more excuses to pay up.

You can now pay back more consistently via an online direct debit system with up to 17 banks.

The good news with this system is, you no longer have to go all the way to the PTPTN counters to make your repayments. All you need to do is register online at the official portal,

And the even better news is you will be entitled to a 10% discount if you use this method! But only if you make consistent repayments until 31 December this year.

PTPTN chief executive officer Wan Ahmad Wan Yusoff advised those who plan to start applying for direct debit should do so before the 20th of the month. Otherwise, your accounts will be deducted on the 10th of the following month.

Hang on, didn’t they introduce another direct debit system last year?

There was a manual direct debit system PTPTN implemented last November via Bank Islam and MyClear. But the process turned out to be a lot more complicated and tedious.

Some applications were also reportedly rejected because of that.

With the new online application, borrowers can anticipate faster approvals, which is said to be within three working days.

PTPTN is targeting a total collection of RM4 billion this year with hopes to reduce over-the-counter repayments.

As of April, the total collection is RM1.39 billion with up to 32,000 borrowers receiving a 10% discount for repaying through direct debit.

Other than PTPTN borrowers, depositors of the National Education Scheme (SSPN-i) can use this method as well to increase your savings.

For more information on this new system, you can contact the PTPTN Careline (03-2193 3000) to facilitate repayments and deposits.