MIED continues to uphold its commitment in providing educational needs to deserving and needy Indian students to overcome the growing financial hurdles to pursue higher education. Each year, MIED provide millions in loans to students in undergraduate programmes at Universities, University colleges and private colleges nationwide and abroad. Today MIED has become one of the leading providers of study loans to the Malaysian Indian community seeking such assistance for further education.
The MIED cheque presentation ceremony was held gracefully on 21st of September, 2017 at the Grand Ballroom, Sunway Putra Hotel, Kuala Lumpur.
The ceremony was fascinated under the auspices of YBhg Tun S.Samy Vellu, Special Envoy to India and South Asia on Infrastructure and Chairman of MIED, who presented cheques to eligible and deserving students. Present on the occasion were students, parents, members of the MIED Board of Trustees, MIC Central Working Committee members, management and staff of MIED.
A total of RM5,228,327.00 were disbursed to 504 students pursuing tertiary education, locally and abroad. Out of which, cheques amounting to RM3,208,500.00 were given away exclusively to 288 students pursuing medicine, which is 61.37% of the total loan disbursement.
Study Loan Disbursement based on Courses during the ceremony for 2017
NO COURSE NO OF STUDENT AMOUNT RM
1 MEDICINE 288 3,208,500.00
2 DENTISTRY 48 581,000.00
3 ENGINEERING 37 292,859.00
4 LAW 28 251,600.00
5 BUSINESS 15 115,580.00
6 PHARMACY 12 114,500.00
7 INFORMATION TECHNOLOGY 12 85,700.00
8 AVIATION 8 69,500.00
9 EDUCATION 7 51,300.00
10 AERONAUTICS 4 45,000.00
11 ACCOUNTING 6 39,850.00
12 OTHERS 39 372,938.00
TOTAL 504 5,228,327.00
Study Loan Disbursement based on Colleges and Universities, during the ceremony for 2017
NO TYPE NO OF STUDENT AMOUNT RM
1 LOCAL - PRIVATE UNIVERSITY 190 1,857,797.00
2 FOREIGN - PRIVATE UNIVERSITY 158 1,787,000.00
3 AIMST UNIVERSITY 78 842,680.00
4 LOCAL - PRIVATE COLLEGE 54 473,850.00
5 FOREIGN - PRIVATE COLLEGE 20 232,500.00
6 LOCAL - PUBLIC UNIVERSITY 4 34,500.00
TOTAL 504 5,228,327.00
In his welcoming speech, YBhg Tun had stressed to the loan recipients that the study loan programme is funded from revolving funds in which the same money is used to help students in their education and training. As such, prompt repayment of the loans will enable MIED to continue providing financial aids to other deserving and eligible students pursuing further studies.
Since 1984 till to-date, MIED had given financial aids to more than 11,000 Indian students, with study loans worth approximately RM141.7 Million. MIED will only approve loans where the courses are recognized by MQA and priority is given to students pursuing their studies at AIMST University and TAFE College Seremban.
YBhg Tun reminded all MIED loan recipient’s to commence repayment / to make progressive payment towards settlement of their study loan, failing which MIED will have no alternative but to institute legal proceedings / blacklist against borrowers and their guarantors in CTOS database as a final option to recover the loan repayment.
Due to limited resources, MIED has restructured and limit the allocation of fund on yearly basis and not for the whole duration of course. MIED would allocate the study loan on the yearly basis based on academic performance, family financial status, recognized programme and duration of studies, added with funds provided by the students’ parents or guardians.