Till debt do us part.

Hi.

Today I want to discuss about the ever increasing of collective student debt all across this nation. In Malaysia, when a high school graduate get accepted into university, either public or private, one matter does overtake even their own interest at pursuing their education. And that is, school fees. School fees are also growing each year because of the rapid economic downturn and the unstable Ringgit value. Since we are relying most of our information and resources based on the education overseas (via books, notes, videos, and so forth), the fees also fluctuates based on how much they cost to be hailed down here.

In my personal experience, when I get the offer letter of going into one of the public universities local to this country, it costs just above 80,000 Ringgit. However, since I got into a public school, I got a discount that only costs me and my parents around 1300 Ringgit per semester, accumulating to almost a few hundred below 8,000 Ringgit. The rest of them are paid for by tax payers money. Thank you tax payers. I owe you big time.

Then, there comes the private schools. I've met a girl during my practical, and she said her tuition costs her 40,000 Ringgit per semester. I said, holy crap are you serious right now? And she said, she's totally serious and that caused her parents a very large dent in their accounts. But, thirsty for knowledge didn't deter their family from paying a very large sum twice per year.

Some kids managed to get loans. There are numerous choices out there, but often times, people chose the one with less fuss and more money. And that choice is PTPTN. I tried to apply for it during my first year, but since my mom made quite well as a school principal, I didn't get offered the full bucket of a the loan, instead I got offered a quarter of it, which didn't even cover the fee for a semester. So, my mother told me to abort the application and paid for my tuition instead.

I am very lucky.

And that can't be said to most kids who graduated universities these days. Why? When they graduate, they already have debt under their name. They are only required to start paying a year or two after graduation when they have a job. However, the interest rates are so high that adding that with most of the money they got during their school years, their debt easily doubled. When someone started working, they often got jobs far from home and that requires transportation, living quarters and food. Often chosen mode of transportation is cars. And to buy cars without deposit upfront, it usually costs around 900 Ringgit per month. And that is with bank loan. Now this kid, fresh off the presses already have two debts under its name. Given time, he would want to buy his own living quarters, ie house, or apartments, or even just a small flat. This would require a loan too. Below 30, and already have 3 loans. And counting. Got married, loan. Got a new car, loan. Bigger home, loan. Furnishing home, loan. If we don't break this cycle of loaning from banks to get what we want, we would never be liberated of loans, ever. Once you have a debt, you'll always consider loan as a viable choice.

This one person I knew, made a new loan to cover the last loan on warning. And made another loan to cover the last said loan. It happens. It ain't pretty. Stop loaning. Live moderately. Live well. Survive.

We. Can. Do. This.
No. More. Debt.
Banks. Saves. Money. Not. Take. My. Money.

Goodnight everybody.