Now this is good news for parents like me with kids in universities.
Prime Minister Najib Razak yesterday launched the Prihatin Pendidikan 1Malaysia scheme (SPP1M) for university students in local and foreign universities under which they can apply additional for additional study loans.
"We realise and understand the constraints that parents face when financing their children's education as the cost of education is getting expensive, especially for those studying abroad.
"This top-up scheme is a creative solution. It is unique and never been introduced before," he was quoted to have said.
SPP1M loans are up to RM100,000 for those pursuing degrees in "critical" fields, including science and technology, professional degrees, and up to RM150,000 for those specialising in certain areas of medicine.
Najib said those who take up the loans would be charged one per cent less than the base lending rate (BLR) by participating banks while the students were still studying.
For example, if the BLR is five per cent, then the interest rate would be four per cent.
After graduation, the interest rate would revert to the BLR.
Well you can read more about it online in most local news websites.