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If you’re thinking of continuing your education, you may be worried about the costs.
Don’t let expenses get in the way. There are several ways to lighten the load of study costs in Malaysia.
Qualified EPF members are allowed to withdraw Account 2 savings to finance further education.
You may use the money to pay for anything related to your studies, such as tuition fees, exam fees, flights, and accommodation.
You may apply for an education withdrawal even if you’ve already paid for your tuition fees. However, those who have received scholarships and sponsorships are not eligible to apply.
The withdrawal limit for EPF is the amount of the tuition fees, or your entire savings in Account 2, whichever is lower.
Loans can be obtained from banks, but you can also get a loan from the Ministry of Higher Education. They offer an education financing scheme called the PTPTN (Perbadanan Tabung Pendidikan Tinggi Nasional) loan.
All loans are subject to repayment in instalments upon the completion of your studies.
Obtaining a loan may require a guarantor, collateral, and/or an age limit.
If you’re interested in up-skilling while under employment, you can approach your employer to apply for the Human Resources Development Fund (HRDF).
Only employers who have registered with the HRDF are eligible to apply for training grants.
HRDF will only cover training that is directly beneficial to the employer’s business operations.
Grants, like scholarships, do not need to be paid back. A grant is awarded based on needs, not on merit.
Grants may be used to pay for study materials, accommodation, food, or any other costs related to studying.
A scholarship is a financial aid that does not need repayment. Scholarships may cover part of a course fee, the entire course fee, or include course fees, books, and living expenses.
Scholarships are awarded to candidates who show outstanding performance or the potential to excel in their chosen field of study. Applicants are evaluated on a variety of criteria, and the selection process may include interviews.
Some sources for scholarships include universities, governments, private or non-profit organisations, and businesses.