Majlis Amanah Rakyat (MARA) also called in English as Ministry of Rural and Regional Development has helping many students in achieving their ambition to pursue higher education through MARA Scholarship Programs and MARA Study Loan. Recently, MARA which is famous for its education loan schemes has added three new schemes of education loans due to the high demand from the Bumiputera. These loan schemes have been introduced to bring financial aid for students as a new alternative for them to further their studies in various fields as the old scheme is going to be halt.
These schemes have also gained support from Malaysian financial institutions such as Maybank and Bank Rakyat through the partnership formed with MARA. Therefore, the three-party contracts between the banks, MARA and the students would have its focus on the students who have perform well in their Sijil Pelajaran Malaysia’s examination as its primary borrowers and anyone whose wants to further their education in higher education programme as its secondary borrowers.
There are three education loan scheme (SPiP) that can be founded under MARA;
A special programmes given to the students whose have excelled in their Sijil Pelajaran Malaysia examination and meet the academic requirements needed by MARA. Prospected students can apply for the programme through several local newspapers’ advertisement, where they need to attend the Preparatory Programme conducted in Malaysia such as A-Level, ADFP, Australia Matriculation (AUSMAT) and International Baccalaureate (IB), among many others. Nevertheless, MARA would also looks on the students’ psychometric tests and interviews as well as their academic excellence before going abroad.
A loan dedicated to Bumiputera students who have received the offer’s letters to further their education at Private Education Institute (IPTS) and MARA Education Institutes (IPMa) in Malaysia. This loan includes project paper allowance, book allowance, subsistence allowance, equipment allowance, thesis allowance and tuition fees. The application can be made via eEduloan online system.
The programme would be given as a sponsor or finance to the students whose learning their education through Research and Coursework at certain education institute and university that has received recognition from MQA or the government and prominent university abroad. Applications for this programme would only be open to graduates whose owns a Bachelor Degree and going to further their education at professional, doctorate and Masters level in Malaysia or abroad.
In addition, MARA has also helps many entrepreneurs to start-up their business. The schemes under the Business Financing Division which can be founded given by MARA include;