MCA to offer interest-free loans from RM30mil education fund
KUALA LUMPUR: MCA will set up a RM30mil education fund offering students, especially those from poor families, interest-free loans to study undergraduate and post-graduate courses locally and overseas.
The loans worth RM30,000 each every year would be given to 300 undergraduates pursuing their higher education locally, while students going overseas could apply for loans worth RM50,000.
“For those who plan to study post-graduate courses can take up loans between RM80,000 to RM100,000 per person,” he told a press conference after chairing the presidential council meeting here yesterday.
Dr Chua said the party would also give out transport grants worth RM500 to RM1,500 to students who needed to travel between the peninsula and Sabah or Sarawak.
“We found that many students have been having financial difficulties and unable to travel home from their universities,” he said.
Students of all races are allowed to apply for these loans and grants.
The financial assistance would be approved based on needs and family background.
The selection committee for the financial assistance is chaired by secretary-general Datuk Seri Kong Cho Ha.
The members are vice-presidents Datuk Donald Lim Siang Chai and Gan Ping Sieu; MCA Youth chief Datuk Dr Wee Ka Siong, presidential council members Datuk Dr Hou Kok Chung, Chua Tee Yong and Heng Seai Kie.
Dr Chua said the party would engage a financial institute to recover the loans from the recipients.
On whether the party is worried that it will have problems with loan recovery, Dr Chua said it never had any problems in recovering education funds loaned out under the Chang Ming Thien Foundation and Kojadi Institute.
“Our defaulters are less than 1% so this is not our main concern.”
On another matter, Dr Chua said the party would hold two congresses, namely Chinese In a High-Income Nation in early September; and Chinese Political Crossroads in Malaysia in October.