Of the RM70.7bil set aside for the education sector, RM15.1bil will be channelled to the Higher Education Ministry . This marks a 4.2% increment from the RM14.5bil allocated this year.
In the official statement of MOHE, it was stated that Budget 2023 reflects the government’s commitment to supporting efforts to drive the well-being of higher education in the country. It was announced that National Higher Education Fund Corporation borrowers would receive a 20% discount if they made a full settlement on their loans, 15% if at least half of the outstanding balance in a single payment was made, and 15% if repayments were made through salary deduction or direct debit.
As noted by National Association of Private Educational Institutions secretary-general Dr Teh Choon Jin, such a move would pave the way for underprivileged students to have access to higher education. “During Jelajah Bajet 2023, I had the opportunity to visit photovoltaic solar systems installed by Universiti Sains Malaysia in 90 locations to supply clean energy on its campus,” Tengku Zafrul said in his speech.