PTPTN Updated After Budget 2013

Continuing from previous post

10% discount per year

From what I understand, the discount is based on annual payment. So,

RM2,320 x 90% = RM2,088 / year

RM2,088 x 15 years = RM31,320

(RM3,320 savings if deducted from RM34,804 - normal 3% interest)

based on 1%
RM2,148 x 90% = RM1,933.2 / year

RM1,933 x 15 years = RM 28,998

(RM3,202 savings if deducted from RM32,200 - 1% ujrah)

(RM5,806 savings if deducted from RM34,804 - normal 3% interest)

20% discount on lump sum paid 

RM28,000 x 80% = RM22,400

(RM5,600 savings if deducted from RM28,000 - no interest)

(RM6,598 savings if deducted from RM28,998 - 1% ujrah + 10% discount / year)

(RM8,920 savings if deducted from RM31,320 - 3% interest + 10% discount / year)

(RM9,800 savings if deducted from RM32,200 - 1% ujrah)

(RM12,404 savings if deducted from RM34,804 - normal 3% interest)

Sad I forgot how to calculate present/future value. Need to reread lecture notes lol. Will update if I ever do that. But glancing through, paying lump sum seems like a better choice at the moment. Hmm.. will stick to paying monthly for the time being.. *prays that there will be other changes in the future*

PTPTN 3% or 1% ??

So.. I didn't manage to get first class :( dumbass me for not studying more. Now I wanna compare the 3% on remaining balance with the 1% constant interest regardless of the remaining balance (ujrah?).
The reason?? To pay less of course! :)

Note: The method desired by me is to prolong the loan as long as possible (ALAP) cause of the low interest rate and the fact that I can get higher returns through investing. ^_^ (heck even ASB is better)

Let's get started !

Loan amount : 28 000 (Engineering course)

3% for 15 Years

Financial Calculator App ( free download here ) or PTPTN's calculator

Monthly payment = RM 193.36

Vs

1% for 15 Years ( am not sure if it changes to 15 or 20 years, so I'll do both )

28000 x 0.01 x 15 years = 4200 ( interest )

28000 + 4200 = 32200 ( total amount to be repaid )

32200 / 180 months = RM 178.89 per month

1% for 20 Years

28000 x 0.01 x 20 years = 5600( interest )

28000 + 5600= 33600 ( total amount to be repaid )

33600 / 240 months = RM 140.00 per month

Either way, changing to 1% is definitely the better choice. Do correct me if I'm wrong, okay? The best would be that they abolished the interest payment altogether or the least give discounts to second class honours. Still waiting for the good news :).

update: I managed to switch to the 1% through ptptn's website here
update: But they rejected my application lol.. this is the reason they gave

Tuan / Puan,
Tuan tidak berjaya ditawarkan pertukaran pinjaman dari (3%) kepada pembiayaan ujrah (1%). Dimaklumkan bahawa permohonan tuan tidak dapat dipertimbangkan atas sebab-sebab berikut:-
Status 10 - Pelajar yang mempunyai "Grace Period" tamat selepas March kerana Jadual Bayaran Balik masih belum di 'plot'. 

And from what I googled, the answer given was

Semakan mendapati jadual bayaran balik anda belum di jana. Untuk makluman jadual bayaran balik akan di bina setelah 6 bulan tamat pengajian.Tawaran ujrah akan di tawarkan sebaik sahaja jadual bayaran balik anda di jana.

So, nothing else to do but wait I guess.

update: PTPTN loans: Incentive – repayment of full loan from 1 October 2012 until 30 September 2013, a discount of 20% will be given on their loan. Regular repayment gets a 10% discount.

Link to the pdf

19/5/2013 update: Successfully changed to 1% ujrah after a series of calls/emails to PTPTN. Slowly repaying while waiting for the next GE :)

My Stock's Profit and Losses

Last year, I had a post regarding some stock purchases. Since then, some purchases were made, mostly to average lower the buying price. Well it's about time for a quick review on whether any profits were made.

The highlighted areas are still tentative. Dividends are around RM 500 ( Mostly from Wellcal ) and am currently holding warrants of WCT at a huge loss. Seems like cutting loss is a thing I need to actually DO and not just preach. But, all in all, I am quite glad that I was able to obtain some profits. Let's hope it keeps going that way! Special thanks to my friends, family, and my beginners luck ^_^