PETALING JAYA: Several thousand Mara student loan borrowers, who signed up for their loans before 2010, have been offered a welcome reprieve.
Effective immediately, they have the option of getting a 50% discount on their current outstanding balance.
But to enjoy the discount they must pay off the balance 50% within a one year period.
Mara chairman Tan Sri Annuar Musa (pic), who announced this Friday, said the move was to standardise Maraâ€™s policy on giving discounts.
He said Mara had decided in 2010 that sudents who took loans only need to repay between 10% to 20% of their full loan amount.
This was applicable to those who took loans in 2010 onwards.
“As such we have decided that for those who took loans before 2010 only need to pay 50% of their current outstanding balance. If they take up the offer, they must make full settlement within one year from now,â€ he said after attending a forum on affordable housing organised by the Malaysian Town and Country Planning Officers Association here.
Annuar said it was up to the students to find the money needed to pay off the balance of the loans, through bank loans for example.
Annuar said the discount offer was also made in conjunction with the celebration of Maraâ€™s upcoming 50 years anniversary next month.