| 1 |
Q: |
There is no indication of closing date? What is the closing date? |
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A: |
Courses and semester intake vary from different institutions of higher learning. You are advised to submit your application with all required supporting documentation as soon as possible. |
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| 2 |
Q: |
How long does it take to process my application? |
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A: |
Between 2 – 3 months from the date of receipt. |
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| 3 |
Q: |
What is the basis of granting a loan or scholarship? |
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A: |
The Program primarily provides study loans to underprivileged and deserving Malaysian students and strict means testing will be applied. Scholarships grants are awarded only on an exceptional basis.
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| 4 |
Q: |
What is covered under this program? |
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A: |
The Program offers study loan for undergraduate studies in local universities and colleges accredited by MQA.
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| 5 |
Q: |
Can I apply to do a Master degree? |
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A: |
No, the Program is for undergraduate study only. |
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| 6 |
Q: |
Can I apply to do a 2 +1 degree? |
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A: |
No, the Program will give priority for studies in local institutions of higher learning only. |
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| 7 |
Q: |
Can I apply to do A-Level? |
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A: |
No, the Program is for undergraduate studies only |
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| 8 |
Q: |
Can I apply to do Foundation courses? |
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A: |
No, the Program is for undergraduate studies only. |
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| 9 |
Q: |
Can I apply for overseas study? |
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A: |
No, the Program is available for studies in local institutions of higher learning only. |
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| 10 |
Q: |
How much loan amount can I apply for? |
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A: |
The loan amount will cover tuition fees for the full duration of the course and where need is established will cover a fixed yearly amount for living expenses ('COLA"). The loan amount and COLA will be disbursed on a yearly basis. |
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| 11 |
Q: |
What if I do not want the COLA? |
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A: |
Yes, you can choose not to take the COLA as this is optional. |
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| 12 |
Q: |
What is the interest rate for the study loan? |
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A: |
The Program provides interest-free study loans. |
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| 13 |
Q: |
Will I be required to serve a bond with the company upon graduation? |
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A: |
No, the applicant will not be bonded upon completion of his studies. |
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| 14 |
Q: |
Am I required to sign any agreement with the Foundation? |
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A: |
Yes, you are required to sign a Study Loan Agreement with the Foundation and your guarantor is required to sign a Guarantee Agreement with the Foundation. |
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| 15 |
Q: |
Who can stand as my guarantor? |
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A: |
Anyone except your parents with the following criteria:
- Must be below 50 years of age
- Must be earning an income of RM3000 and above per month |
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| 16 |
Q: |
What is the role of a guarantor? |
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A: |
In the event the applicant default his/her repayment of the loan, the guarantor is required by law to repay the loan owed by the applicant./td>
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| 17 |
Q: |
Can I apply for a scholarship? |
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A: |
No, this program is strictly for study loan only. |
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| 18 |
Q: |
Can I change my course of study midway through the program? |
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A: |
The change requires the prior written approval of the Foundation. You are required to submit your request to the Foundation stating the reasons for the change. |
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| 19 |
Q: |
With the change of my course of study, will the Foundation top-up the difference in the course fees if the new course of study is more expensive than the existing one I'm receiving the study loan? |
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A: |
No. |
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| 20 |
Q: |
With the change of my course of study, what happens if the new course fees is cheaper than the existing course? |
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A: |
If the change results in cheaper tuition fees, the Foundation will only pay the lower fees. |
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| 21 |
Q: |
What is the repayment period of the loan? |
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A: |
Repayment period is over five (5) years. Below is an example:
eg,. RM50,000 loan / 5 years = RM10,000 per year. |
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| 22 |
Q: |
When does the repayment of the loan commence? |
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A: |
Maximum six (6) months after you finish your course of study or immediately when you start working, whichever is earlier. |
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| 23 |
Q: |
How do I make the repayment? |
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You can repay the Foundation either by cheque, payable to ECM Libra Foundation or you can make payment via e-banking into the Foundation's account: MBB, Wisma Genting Branch A/C No: 5143-5671-0391. |
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| 24 |
Q: |
What is the frequency of repayment? |
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We do not collect monthly repayment, therefore your must repay the Foundation on a yearly basis. |
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| 25 |
Q: |
Will the Foundation convert my loan to scholarship if I obtain very good/excellent results? |
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A: |
No, the Foundation will not convert your loan to a scholarship. |
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| 26 |
Q: |
Will the Foundation convert my loan to partial scholarship if I obtain very good/excellent results?? |
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A: |
No, the Foundation will not convert your loan to partial scholarship.
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| 27 |
Q: |
What happens if I abandon my studies mid-way through? |
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A: |
You will be required to pay back whatever loan that has been disbursed immediately in one lump sum, regardless whether you are working or not. |
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