By PW Cheng
Feb 7, 2013

I would like to remind those students and parents who had read the Star today (07/02/2013) on “150k loans for students”, do not feel ecstatic about it. Please be prepared for a rude shock. No banks or any financial institutions in their right mind will give loans without any collateral. As according to Najib “this is a creative way of helping the rakyat”, I do not see anything creative about this. The interests charged is far too high and much higher if you were to take a mortgage loan. Najib should be sent back to school to study mathematics and calling it as creative, do not emanate intelligence.

In 2004 or 2005, the government has a loan scheme for tertiary students studying overseas. I was one of the few who knows about this loan scheme. Not even Dr Wee Ka Siong ( who was then the MCA Education Bureau chief) knows about this. I tried applying the loan for my son who was studying in Australia then but PSD kept on giving various excuses by twisting their terms and conditions to turn the loan down.

The same methodology was applied by the PSD when I applied again for the loan for my second son a year later and when everything was in compliance to their twisted terms and conditions; a new twisting took place. Well what I can say is the moron has always some silly way of depriving your rights.

I had all the records as proof. Getting Dr Wee Kar Siong to help and with due respect and gratitude for all his efforts , it gets no where except more frustrations and chide. With all their twisting and turning, is like chasing after the rainbow. Is this loan scheme still available, I do not know and I do not wish to know as I had given up hope on this Government, the BN government run by UMNO.

The silly idea of getting Financial Institutions to dispense study loans is called creative. Any takers?