The last thing we want is any disruption towards our children’s education when things happen to us or accident during our work that cause us physically disablement or dies.
If it is the case, how can we cover our children’s colleges or studies expenses?
Most of us may seek help from PTPTN loans, bank loans, or some form of personal insurance which has some saving plans to cover the study expenses.
Wait a minute……..
✅ You have been contributing monthly to SOCSO. Most people may not know that you can leverage SOCSO’s Education Benefit. Yes, you can apply for an education loan from SOCSO.
Let me further elaborate for you:
This benefit is in the form of loans that may be provided to a dependant child of an insured person who:
- Dies as a result of employment injury
- Is in receipt of periodical payments for Permanent Disablement Benefit
- Dies while receiving Invalidity Pension
- Dies before attaining the age of 60 years but has completed a full or a reduced qualifying period
- Is an Invalidity Pension recipient
How to apply for this Education Loan and Qualify? Below are the details that you want to look at it.
- Applicant must be a dependent to the following :
- Dependent’s Benefit recipient;
- Survivor’s Pension recipient;
- Invalidity Pension recipient;
- Scheduled Permanent Disablement Benefit.
2. Less than 21 years old when applying; or If exceeds 21 years, the applicant must have received a SOCSO loan before at certificate or diploma level continuously (without suspension due to poor academic performance) and a dependent of the Dependent’s Benefit or Survivor’s Pension recipient ;
3. Not married;
4. Have received offers to further study at any Institute of Higher Education within the country for first Degree or Diploma, or Malaysian Proficiency Certificate (SKM) Level 1 to 3;
5. Had applied for an education loan from other agencies but it had been declined;
6. Full programme must be within Malaysia;
7. Full programme must be based on full-time basis;
8. Time left to completion of programme when applying must not be less than 1 year;
9. The overall cost of the tuition fee must not exceed RM100,000 not inclusive of sustenance allowance;
10. For applicants receiving offers from Private Institute of Higher Education, the college or university must have been in operation for at least 2 years and its establishment must have been approved by the Ministry of Higher Education, Malaysia (KPTM);
11. For applicants applying to the Public Institute of Higher Learning at Diploma or Degree level, courses offered must be approved by the Public Institute of Higher Education Management Department, of the Ministry;
12. For applicants applying at the Private Institute of Higher Learning at Diploma or Degree level, courses offered must be approved by the Private Institute of Higher Education Management Department, of the Ministry, and receive a Full or Provisional Accreditation Certificate from the Malaysian Qualifications Agency (MQA) and is still within its validity period;
13. For applicants applying for Malaysian Skills Certificate Level 1 to 3, courses offered must result in certification from the Department of Skills Development (DSD), from the Ministry of Human Resources and is still within its validity period;
14. Meets full requirements and qualifications for entry, as prescribed by KPTM to enter into the programme. If the qualification by the applicant differs, a confirmation letter that the qualification is equivalent to the minimum requirement set by the Ministry must be obtained from the relevant departments or agencies in items 12 and 13; and
15. Family financial capability is insufficient to bear the necessary cost of education.
- The following does not meet the criteria to apply:
- Primary or secondary school students;
- Sibling of Insured Person;
- Matriculation / Pre University / Foundation / Master Degree / PhD students
- Applicants must take full accountability to ensure all necessary documents from the related departments or agencies are included when submitting complete documentation for their application.
- Applicants who have received SOCSO loans before but failed to complete the education programme or cancelled their loan before graduating are disqualified from re-applying unless they have fully paid any outstanding amount from their previous loan.
- Loan disbursement is only given during the education programme period only.
Meanwhile, the service charge for education loans for all borrowers is only 2%.
Take full use of the monthly SOCSO contribution that you have been paying, it can be helpful in return as and when you needed them.
Hope this article is useful to you, SOCSO has many benefits that support the members, today I’m sharing just one of their benefits. I will share with you a few other benefits in my next article.
Connect with me for more Malaysia statutory sharing and updates.
I’m Aiden your passionate payroll partner.
#socsoeducationbenefit #payrollpartner #malaysiastatutoryexpert #business #accident #educationloan