DR AF T
Repayment of National Higher Education Fund Corporation (PTPTN) Loans-Factor
Influencing Graduates
Journal of Entrepreneurship and Business E-ISSN: 2289-8298 Vol. 11, Issue 1, pp. 69-83. March 2023
Faculty of Entrepreneurship and Business, Universiti Malaysia Kelantan Locked Bag 36, 16100 Pengkalan Chepa Kota Bharu, Kelantan, Malaysia http://journal.umk.edu.my/index.php/jeb
Date Received: 31stAugust 2022 Date Accepted: 5thFebruary 2023 DOI: 10.17687/jeb.v11i1.925
Santhi Appannan (Corresponding Author) Faculty of Business and Management
AIMST University, 08100 Bedong, Kedah, Malaysia Email: santhi_a@aimst.edu.my
Pirivaaschini Mohanraj
Faculty of Business and Management
AIMST University, 08100 Bedong, Kedah, Malaysia
Barathy Doraisamy
Faculty of Business and Management
AIMST University, 08100 Bedong, Kedah, Malaysia
This work is licensed under a Creative Commons Attribution 3.0 Unported License
Abstract – In many countries, education loan is provided as a primary source and alternative financial assistance by their government in order to reduce the financial burden of students at various level throughout their studies. In Malaysia, National Higher Education Fund Corporation (PTPTN), that provides education loans for students has made national headlines in the past years for low repayment rates from its borrowers. Thus, the issue of low repayment rates by borrowers is undoubtedly subjected to research attention. This paper examines the factors influencing graduates repayment of National Higher Education Fund in Penang, Malaysia. Data for this research was collected via online structured questionnaires which were completed by 118 graduates from Penang who received their education loan from the National Higher Education Fund (PTPTN). The collected data were then quantitatively analyzed using multiple regressions. The analysis showed a negative relationship between the factors influencing graduates repayment of education loan which is media influence, borrowers’ attitude, affordability and incentives towards loan repayment.
Keywords:“First keywords”, “Second keywords”, “Third keywords”.
1. Introduction
Higher education is not for free as the cost of it keeps on rising. Almost 70 countries including Malaysia provides financial aids for the students such as scholarships which students do not have to repay back and study loans which requires students to repay back with a lower interest. In Malaysia, there are many sources of financial aids in terms of scholarship and study loan such as Public Service Department (JPA), Scholarship Division of the Ministry of Higher Education, National Higher Education Fund (PTPTN), Tabung Pinjaman Pelajaran and many more.
DR AF T
The National Higher Education Fund also known as Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) was established under the National Higher Education Act 1997 (Act 566) and started its full operations on 1 November 1999. This education loan is an alternative financial assistance provided by the Malaysian government to reduce the burden of students throughout their tertiary education (Ahmad Harith Ashrofie Hanafi, Shahimi, Anuar, Chin, & Hwei, 2018). As of February 2019 RM 56 billion has been allocated for around 3 million students in order for them to pursue their tertiary education (Farhanah Mohd Idres, Haron, & Ahmad, 2019).
1.1. Research Problem
Since the establishment of PTPTN in November 1997 around 2,668,966 number of Malaysian students has been granted PTPTN loan amounting to around RM 49.65 billion as of March 2017 (Ahmad Harith Ashrofie Hanafi et al., 2018). Anyhow only 312,068 number of students had negotiation with PTPTN and started paying back their loans amounting RM 967.9 million. Meanwhile, it can also been observed that in the same year around 586,863 number of students have been blacklisted, whereby their total debt is amounting to RM 11.6 billion (Ahmad Harith Ashrofie Hanafi et al., 2018). In 2018, the National Higher Education Fund Corporation (PTPTN) has recorded around RM 6.4 billion of non-performing education loans from 616,000 borrowers. Whereby, RM 2.8 billion is from borrowers who did not pay a single cent whereas the balance of RM 3.6 billion is about borrowers who failed to repay their loans in a consistent manner (The Malaysian Reserve 2019).
1.2. Research Objectives
The objectives of this research is as follows:
● To examine the factors influencing graduates repayment of National Higher Education Fund (PTPTN).
● To examine the demographic factor influencing graduates repayment of National Higher Education Fund (PTPTN).
● To investigate the relationship between the media influence, borrowers attitude, affordability and incentives towards graduates repayment of National Higher Education Fund (PTPTN).
1.3. Significance of Study
The data of this study that will be useful for policy makers, borrowers and to the society.
Firstly, this research will be able to provide suggestion and recommendation that can be considered by the policy makers. The policy makers will be able to know the current trend and factors that influences graduates in their education loan repayment.
Moreover, the information in this study is not only limited to the National Higher Education Fund’s benefit but also may be advantageous for other student loan provider.
Members of the society also will be able to make use of the information in the study to
DR AF T
contribute their part such as by encouraging their children, siblings and friends to make constant payment to the corporation for the better future of other students and the country.
Most importantly, this study will also be beneficial for the current and future borrowers of education loan as since this study is in the context of student’s perception and understanding towards the loan. The borrowers will be able to analyse and understand the current situation and act in an appropriate way in order to overcome and reduce the problem.
2. Literature Review 2.1. Loan Repayment
Basically, the education loan repayment is deferred until the student is financially capable of doing so, which means the students has graduated and is in the workforce. In Malaysia, education loan is also on the rise, caused by an increasing in the intake rate among private universities and colleges, as well as the rising rate of loan defaulters. This has put considerable financial strain on the government’s education loan scheme.
According to (Kelchen & Li, 2017) loan repayment can be defined as how much of a loan a borrower is required to pay back or the required repayment to the loan size received, which is both measured in present values. It is important for graduates to repay back their education loan because lower rates of repayment will definitely affect our countries economy and increase the debt of National Higher Education Fund Corporation. Graduates are also responsible to make regular payments on their loans as its their responsibility based on the agreement signed.
Due to many defaults in education loan repayment the National Higher Education Fund (PTPTN) has taken much measure to decrease the number of defaults and to enable them to manage the loan collection. Firstly, they expanded their physical presence by establishing around 74 new offices (according to the 2015 PTPTN Annual Report) across the 13 states and the Federal Territories (excluding Labuan). Most of these offices are located in important areas such as the shopping malls and Urban Transformation Centres (UTCs).
The main purpose of increasing the number of offices nationwide is to provide to better service their graduates and in so doing, increasing the rate of repayment of PTPTN loans.
Anyhow there are incentives for loan repayment that the National Higher Education Fund provides for the graduates. First incentive is when the borrower earns a first-class honour for their bachelor degree program.
The repayment rate of the loan is not encouraging. The below shows the amount received based on the loans sum. Then, graduates whom are already working but earns salary less that RM 1500.00 will face trouble to repay back their education loan as their salary is too low which is not within their affordability for them to repay their education loan. In late
DR AF T
2019, PTPTN commissioned a study to understand their borrowers better. found that almost all borrowers in the B40 category are not paying back their loans.
Table 1: Repayment Rate of PTPTN Loans
Loan Sum (RM) Repayment Period (months)
Repayment Amount (RM)
Below 10,000 160 Up to 175
10,000–22,000 120 92–202
22,00 –50,000 180 141–320
More than 50,000 240 More than 250
Source: PTPTN Public Consultation Paper, April 2019.
2.2. Media Influence
Media has always been an important tool as it always provide the readers with latest new update on every topic that is being discussed by the society. Awareness on loan repayment refers to the consciousness of the graduates in having enough information regarding their responsibility in paying their debt (Ahmad Harith Ashrofie Hanafi et al., 2018). According to (Wong et al., 2017) families and students admit that education loan is the indispensable target. Thus, loan default is not due to consciousness and misinformation. Moreover, a study by (Sharif et al., 2019) found that students in the same course, in the same university, their awareness regarding the debt they borrowed is different. Therefore, based on past research it can be said that media influence plays a vital role in influencing the graduate’s education loan repayment.
According to, (Farhanah Mohd Idres et al., 2019) attitude towards education loan repayment has a positive relationship with the awareness created by the media, as when more information is disseminated by the media an awareness is being created and this has showed to be an influencing factor for graduates in their education loan repayment. This is because graduates are becoming more dependent on information technology for faster information. As a result, it will increase the awareness among graduates because of this effectiveness in getting the information and thus influence them in their loan repayment (Ahmad Harith Ashrofie Hanafi et al., 2018). Anyhow, research by (Zolkeplee, Hamed, &
Ogunbado, 2018) shows their research results that influence by media has an unstandardized coefficient of 0.083 which means if one unit of media influence increase, it will add 0.083 unit that will influence graduates perception towards educational loan repayment.
2.3. Borrower’s Attitude
DR AF T
Attitude on loan repayment can be either positive or negative. But, for the education loan repayment, positive attitude is found to be an important predictor factor. It is also said that most borrowers repay their education loan because they are more concerned about their self-direction and personal achievement. Apart from that, a study has developed a model known as Theory of Action (TRA) for the prediction of attitude action. The TRA model contains 2 variables which is attitude and perception towards education loan repayment, so a graduate’s attitude should be positive in order for them to repay back their education loan.
Research by (Ahmad Harith Ashrofie Hanafi et al., 2018) argues that certain borrower’s selfish attitude best describes those who do not pay back the educational loan provided by the government agency. Among the factors that encourages the bad attitudes in borrowers are: (1) the practice of friends that influence the borrowers for not paying the loan (2) subsidy mentality and (3) dishonest and irresponsible. Furthermore, attitude practiced by their seniors also influences them. Thus, graduates become braver to turn into irresponsible borrowers by following the footstep of their seniors.
Even though some graduates planned to pay back the loan but they are not serious about it since they knew that the loan that they have borrowed charges less interest. Moreover, they thought that the duty of the agency is more towards charity ship rather than burdening them.
Based on the research carried out in Kenya by (Monica, 2016) the research paper states that graduate’s attitude towards repayment of their education loan is not of their own positive or negative mindset but it is driven by their government’s enforcement. The explanation provided in the research paper shows that failure in making of payments is contributed to by the failure of the lender which is their government to make clear that the obligation was indeed a loan and the failure to repay will lead to having potential serious legal and other consequences such as loss of credit.
Malaysian students has a completely different perception which contradicts with the perception of graduates from Kenya whereby, graduates in Malaysia are aware of the need to repay back the education loan but due to their subsidy mentality they taught that it should be the particular agency should be more charity ship and not expect repayment from the graduates.
2.4. Affordability
The affordability of graduates after graduating also influences their education loan repayment. The effects of any diminishing in the quality of living to cope with the affordability of repaying the loan. Apart from that, affordability also influences them in terms of the salary that there are attaining. When their salary is low, that is when they will need to prioritize their spending based on the above factors.
DR AF T
Research by (Monica, 2016) argued that apart from salary there are other factor which is unemployment too which effect the affordability of graduates that influences their education loan repayment. The unemployment rate factor is also supported by another research in Malaysia (Hwei, 2015) according to their research one of the pivotal factors in the high rate of education loan repayment defaults is due mostly to unemployment.
2.5. Incentives
In order to facilitate and encourage borrowers to pay their educational loan, several incentives were given to the borrowers to repay their education loan (PTPTN). A fifteen percent of discount would be given for full settlement of outstanding debt and a ten percent discount would be given for payment of at least fifty percent of the outstanding debt.
Another incentive is that, borrowers who are repaying their debt directly or through salary deduction will enjoy a ten percent discount (Ahmad Harith Ashrofie Hanafi et al., 2018).
As states by (Sharif et al., 2019) incentives by policy makers are vital in influencing graduates in education loan repayment. That is why many countries users that as an important tool and keep making changes include bringing more attractive incentives that would influence the graduates. Several suggestions was also given by the researcher based on the Sulh approach to the government to offer a discount of up to 50% for outstanding balance of PTPTN loan for second-class upper degree holder but condition that the payer have any experience in leadership management such as student representative councils, societies and college administration.
3. Methodology
In this research, population were all the graduates in Penang. The total population of Penang is 1.767 million as of 2019. Thus, the sample size of 384 was choosen. according to (Krejcie & Morgan 1970) any population that is more than 1 000 000, the proposed number of sample size would be 384.
The purposive sampling was used to distribute questionnaire to graduates. This method is mainly used to easily gain access to a particular subset of people that actual fits the particular profile of the research. Apart of that, this method is also enable the researcher to obtain a lower margin of error, as by using this method data and information are directly collected from the direct source which is expected to have an identifiable characteristic that places them under the same group of source (KOSE utku.kose@usak.edu.tr & ARSLAN ahmet.arslan@gidatarim.edu.tr, 2016).
DR AF T
Self-administrated questionnaires were distributed randomly to the graduates for this study.
The questionnaire consists of 3 sections and measured in two different scale, section A and section B in nominal scale and section C in Likert scale.
4. Data Analysis
The respondent’s data were provided in a form of total number and percentages. Gender, ethnicity, age, education level, salary, total borrowings of education loan, number of loan taken, graduated with first class were the demographic profile for this research.
Table 2: Gender
Gender
Frequency Percent Valid Percent
Cumulative Percent
Valid Male 51 43.2 43.2 43.2
Female 67 56.8 56.8 100.0
Total 118 100.0 100.0
Table 3: Ethnicity
Ethnicity
Frequency Percent Valid
Percent Cumulative Percent
Valid Malay 46 39.0 39.0 39.0
Chinese 35 29.7 29.7 68.6
Indian 30 25.4 25.4 94.1
Others 7 5.9 5.9 100.0
Total 118 100.0 100.0
Table 4: Age
Age
Frequency Percent Valid Percent Cumulative Percent
Valid < 25 51 43.2 43.2 43.2
25 - 35 59 50.0 50.0 93.2
36 - 50 8 6.8 6.8 100.0
Total 118 100.0 100.0
DR AF T
Table 5: Education level
Education Level
Frequency Percent Valid Percent
Cumulative Percent
Valid Degree 84 71.2 71.2 71.2
Diploma 30 25.4 25.4 96.6
Tertiary 4 3.4 3.4 100.0
Total 118 100.0 100.0
Table 6: Type of Graduation
Type of Graduation
Frequency Percent Valid Percent
Cumulative Percent
Valid Others 118 100.0 100.0 100.0
Table 5.0 Type of Graduation Table 7: Salary
Salary
Frequency Percent Valid Percent
Cumulative Percent
Valid < RM 2500 68 57.6 57.6 57.6
RM 2501 - RM 3500
29 24.6 24.6 82.2
RM 3501 - RM
4500 14 11.9 11.9 94.1
RM 4501- RM 5500 4 3.4 3.4 97.5
< RM 5500 3 2.5 2.5 100.0
Total 118 100.0 100.0
Table 8: Total Borrowings for Education Loan
Total Borrowings for Education Loan Frequency Percent Valid
Percent
Cumulative Percent
Valid <RM 10 000 19 16.1 16.1 16.1
RM 10 001 - RM 20 000
20 16.9 16.9 33.1
RM 20 001 - RM 30 000
26 22.0 22.0 55.1
RM 30 001 - RM 40 000
21 17.8 17.8 72.9
>RM 40 000 32 27.1 27.1 100.0
Total 118 100.0 100.0
DR AF T
Table 9: Number of Loan Taken
Number of Loan Taken
Frequency Percent Valid Percent Cumulative Percent
Valid 1 82 69.5 69.5 69.5
2 28 23.7 23.7 93.2
3 7 5.9 5.9 99.2
>3 1 .8 .8 100.0
Total 118 100.0 100.0
4.1: Multiple Regression
Based on Table 10, 11, and 12, the multiple regression test is conducted to determine the relationship between dependent variable (Loan Repayment) and four independent variables (media influence. borrower’s attitude, affordability and incentives). The R value 0.962 indicates a good level of correlation. From the model summary as shown in the Table 9, the R Square of the model is 0.926 with the adjusted R Square = 0.9053. This indicates that 92.6% of the Loan Repayment can be explained by the independent variables.
Table 10: Model Summary of Loan Repayment with Media Influence, Borrower’s Attitude, Affordability and Incentives
Model Summary
Model R R Square Adjusted R
Square
Std. Error of the Estimate
1 .962a .926 .923 .09053
a. Predictors: (Constant), m3, m1, m4, m2
Table 11: ANOVA Test Result of Loan Repayment with Media Influence, Borrower’s Attitude, Affordability and Incentives.
ANOVAa
Model Sum of
Squares df Mean Square F Sig.
1 Regression 11.517 4 2.879 351.353 .000b
Residual .926 113 .008
DR AF T
Total 12.443 117
a. Dependent Variable: m5
b. Predictors: (Constant), m1, m2, m3,m4
Table 12: Coefficient Model of Loan Repayment with Media Influence, Borrower’s Attitude, Affordability and Incentives.
Coefficientsa
Model Unstandardized
Coefficients Standardized
Coefficients t Sig.
B Std. Error Beta
1 (Constant) 2.723 .069 39.388 .000
m1 -.006 .017 -.012 -.371 .712
m2 -.170 .027 -.458 -6.234 .000
m4 -.059 .019 -.134 -3.155 .002
m3 -.153 .033 -.415 -4.576 .000
a. Dependent Variable: m5
Indicator :
m1 – media influence m2 – borrowers attitude m3 – affordability m4 – incentives
According to Table 11, the ANOVA test result shows significant effect of the independent variables on loan repayment with a p value of 0.000, ( F (4,113) = 351.353, p < 0.05). The significant value is 0.000 which is lower than 0.05, therefore there are statistical significant relationship between the independent variables and dependent variable (p = 0.000 < α = 0.05).
Based on Table 12, the multiple regression equation when dependent variable is measured by Loan Repayment for this study is :
Y = 2.723 + ( - 0.006)MI + ( - 0.170)BA + ( - 0.059)AF + (- 0.153)IC Where:
Y = Loan Repayment MI = Media Influence BA = Borrower’s Attitude
DR AF T
IC = Incentives
Base on the finding, media influence does not have statistical relationship since the p-value is not smaller that the pre-specified alpha value level which is 0.05, whereby the p-value is 0.712. Apart from that, based on the result above none of the independent variables is said to have a strong relationship towards loan repayment. This is because all the Standardized Beta value of the independent variables is negative, whereby media influence β value = -0.012, borrower’s attitude β value = -0.458, affordability β value = -0.134 and incentives β value = -0.415. To interpret, for every one standard deviation of movement in media influence, there is a decrease of 0.012 in loan repayment.
According to Table 13, the hypothesis test result is based on the multiple linear regression.
The result shows that do not reject the first null hypothesis, as the p-value is 0.712 ≥ α 0.05. This means that there is no statistically significant influence of media influence towards loan repayment.
For the second hypothesis, due to the reason of the p-value 0.000 which is lesser than α 0.05, the null hypothesis is rejected and alternative hypothesis is accepted.
As illustrated in Table 13, affordability has a significant relationship towards loan repayment since the p-value is also less than α value (p-value 0.002 ≤ α 0.05). Thus, the null hypothesis is rejected.
The last null hypothesis is also accepted as the p-value is lesser compared to the α value (p-value 0.000 ≤ α 0.05) which is similar to the second and third hypothesis. Therefore, the null hypothesis is rejected and alternative hypothesis is accepted.
Table 13: Hypothesis Testing Result – Multiple Linear Regression
Hypothesis Sig. Hypothesis Testing
Ho1 No significant relationship between media and graduates education loan repayment.
0.712
Accept Ha1 There is significant relationship between
media and graduates education loan
repayment. Reject
Ho2 No significant relationship between borrowers attitude and graduates education loan repayment.
0.000
Reject Ha2 There is significant relationship between
borrowers attitude and graduates education
loan repayment. Accept
DR AF T
Ho3 No significant relationship between affordability and graduates education loan repayment.
0.002
Reject Ha3 There is significant relationship between
affordability and graduates education loan
repayment. Accept
Ho4 No significant relationship between incentives and graduates education loan repayment.
0.000
Reject Ha4 There is significant relationship between
incentives and graduates education loan
repayment. Accept
The Pearson Correlation result as shown in Table 14, all the independent variables signify a moderate and strong negative linear correlation. This indicates that all the independent variables are statistically and significantly negatively correlated with loan repayment, whereby media influence (m1), borrowers’ attitude (m2), affordability (m3) and incentives (m4) have a value of 0.000, which is lesser than 0.01 (p < 0.01). Media influence shows that it has statistically significant relationship and moderate negative linear correlation at 0.000 (r = - 0.391, p < 0.01). Next, borrower’s attitude has a strong negative linear correlation of 0.000 (r = - 0.938, p < 0.01). Furthermore, affordability also has a strong negative linear correlation with 0.000 (r = - 0.945, p < 0.01). Lastly, similar as the other two variable incentives also has a strong negative linear correlation 0.000 (r = - 0.738, p <
0.01).
Based on the Table 13, it can be clearly seen that all the alternative hypothesis is being accepted even though most of the independent variables is said to be negatively correlated with the dependent variable since the p – value for all the independent variable in below the significance level α which is 0.01
Table 14: Pearson Correlation Result
Correlations
m5 m1 m2 m3 m4
m5 Pearson
Correlation 1 -.391** -.938** -.945** -.738**
Sig. (2-tailed) .000 .000 .000 .000
N 118 118 118 118 118
m1 Pearson Correlation
-.391** 1 .381** .471** .067
Sig. (2-tailed) .000 .000 .000 .473
DR AF T
N 118 118 118 118 118
m2 Pearson Correlation
-.938** .381** 1 .933** .661**
Sig. (2-tailed) .000 .000 .000 .000
N 118 118 118 118 118
m3 Pearson Correlation
-.945** .471** .933** 1 .725**
Sig. (2-tailed) .000 .000 .000 .000
N 118 118 118 118 118
m4 Pearson
Correlation -.738** .067 .661** .725** 1
Sig. (2-tailed) .000 .473 .000 .000
N 118 118 118 118 118
**. Correlation is significant at the 0.01 level (2-tailed).
5. Conclusion and Recommendations
Based on the results of the analyses, it is found out that three independent variables which are security, convenience, and service quality has significant relationship with customer satisfaction towards Fintech products and services. From the correlation coefficient analysis, three of the independent variables have significant positive relationships with customer satisfaction towards Fintech products and services.
From the multiple linear regression analysis, among all the three independent variables, convenience is found to be the strongest contributor in affecting customer satisfaction towards Fintech products and services. The second strongest contributor in customer satisfaction towards Fintech products and services is the service quality and then followed by the security.
Based on the findings, it can be clearly seen that none of the independent variables are positively and strongly related the dependent variable (loan repayment) as all the Beta value is negative. This situation can be explained as large percentage of students are not repaying back their education loan.
The result obtained in this research cannot be compared with the findings of (Ahmad Harith Ashrofie Hanafi et al., 2018), (Wong et al., 2017), (Abu Bakar, Masud, & Md Jusoh, 2006) and (Farhanah Mohd Idres et al., 2019) as there were no multiple regression analysis conducted in their research. All their research mainly used Reliability test and Pearson’s Correlation analysis only. It can only be compared with the result of (Zolkeplee et al., 2018) as it shows that media influence has a positive Beta value of 0.083 towards loan repayment which explains a strong relationship of media influence towards loan
DR AF T
repayment. Thus, the result obtained by (Zolkeplee et al., 2018) is not consistent with the result obtained in this research.
According to the Pearson Correlation result obtained in Chapter 4, there is an association between media influence, borrower’s attitude, affordability and incentives with loan repayment. This clearly indicates that most of the independent variables negatively influences the repayment of education loans. This result is not consistent with the study of (Zolkeplee et al., 2018) where their research found that media influence has a significant positive relationship towards loan repayment. Research by (Wong et al., 2017) explains that borrower’s attitude (0.302) and affordability (0.339) has a positive relationship towards loan repayment.
There are few limitations that have a significant effect towards the research: The time frame given to conduct this research is too short, thus it is hard to examine the factors influencing graduates’ repayment of National Higher Education Fund (PTPTN). Apart from time frame, the data collected might not represent the perception of graduates in other areas of Malaysia as this study only applied in a small scope, which is only Penang. There is no guarantee that the participants were entirely truthful in providing their answers in the questionnaire. Therefore, the findings in this research are on the assumption and good faith of the respondents.
The future researchers may explore other factors that will influence the graduates repayment of education loans while expanding the sample size. Apart from that, policymakers should take appropriate measure to eliminate education default rate by conducting certain test such as personal interview, attitude test and even background check on the students and parents before declaring eligibility for education loan. In terms of, community members and NGO, more programs related to repayment of education loan and financial planning should be held to educate the graduates and parents
Disclosure Statement
No potential conflict of interest was reported by the authors.
Funding
No funding was involved in this research.
Acknowledgement N/A
References
Ahmad Harith Ashrofie Hanafi, Shahimi, W. R. M. A., Anuar, M. A., Chin, K. Y., & Hwei, S. S.
(2018). Determinants of Borrower’S Intention To Repay the Educational Loan (PTPTN):
PLS-Sem Method.3(7), 27–38. Retrieved from www.ijafb.com
DR AF T
Recipient to Pay Back Education Loan in State Foundation. KnE Social Sciences, 2019, 527–536. https://doi.org/10.18502/kss.v3i22.5071
Kelchen, R., & Li, A. Y. (2017). Institutional Accountability: A Comparison of the Predictors of Student Loan Repayment and Default Rates. Annals of the American Academy of Political and Social Science,671(1), 202–223. https://doi.org/10.1177/0002716217701681
Monica, B. N. (2016). Factors Affecting Repayment of Education Loan Among University Students in Kenya a Research Desertation Submitted in Partial Fulfilment of the Requirements for the Award of Master of Science in Commerce Degree in the School of Business and Public
Manageme. (September). Retrieved from
http://41.89.49.13:8080/xmlui/bitstream/handle/123456789/1377/Nganga-Factors Affecting
Repayment Of Education Loan Among University Students In
Kenya.pdf?sequence=1&isAllowed=y
Sharif, D., Pauzi, N. S., Azli, R. M., & Man, N. C. (2019). Sulh Approach in Reforming the Education Loans’ Repayment for the National Higher Education Fund Corporation (PTPTN).
International Journal of Academic Research in Business and Social Sciences,9(4), 233–244.
https://doi.org/10.6007/ijarbss/v9-i4/5883
Wong, E., Khin, S., Nasharuddin, A., Ismail, K., Teng, L. S., & Nazri, M. (2017).
Everant.org/AFMJ Account and Financial Management Journal Education Loan Repayment and Performances: The Malaysian Graduates Perspectives. 2(6), 788–797.
https://doi.org/10.18535/afmj/v2i6.05
Zainal, N. R., & Ismail, N. (2017). Debt Composition of University Graduates and their Attitude towards Education Loan. Journal of ASIAN Behavioural Studies, 2(4), 41.
https://doi.org/10.21834/jabs.v2i4.205
Zolkeplee, S. Z., Hamed, A. B. U. B., & Ogunbado, A. F. (2018). Determinant Factors of Student’s Perception Toward Educational Loan Repayment. Journal of Muamalat and Islamic Finance Research,15(1), 73–83.
