A total of 424 borrowers have applied to make full settlement of the National Higher Education Corporation Fund (PTPTN) loans amounting to RM4.6 million.

NONE PTPTN chairperson Ismail Mohamed Said ( left ) said so far PTPTN had approved 179 of the applications involving to RM1.7 million, with a total discount of RM325,809.

"To date, PTPTN had received repayments of RM1.303 million with a total discount of RM325,000," he told reporters at Parliament lobby today.

They were borrowers who took advantage of a 20 percent discount offered in the 2013 Budget to those who wish to settle their PTPTN loans in full by Sept 30, next year.

Ten percent discount is also offered for those who repay their study loans consistently from Oct 1.

Ismail, who is also Kuala Krau MP, said the 20 percent discount was also offered to borrowers blacklisted by the Immigration Department.

"PTPTN expects the loan repayment rate will increase up to 70 percent from 49.01 percent at present, with the discounts offered," he added.

He said 132,801 borrowers, whose outstanding loans amounted to RM2.11 billion, had ignored notices sent to them.

- Bernama