PUTRAJAYA: Higher Education Minister Datuk Seri Zambry Abd Kadir has cautioned university students nationwide to steer clear of ‘buy now, pay later’ schemes and high-interest loans that could lead to unmanageable debt.
Reports indicate that some purchase agreements are being converted into costly loans, leaving students financially vulnerable.
Zambry revealed that the ministry has received early reports of students unknowingly trapped in debt due to misleading financial schemes.
“I’ve been informed by many parties who contacted me, expressing concern over this growing issue,“ he said during a press conference at the 58th ASEAN Foreign Ministers’ Meeting.
While not naming specific organisations, Zambry confirmed that a significant number of students may already be affected. The Ministry of Higher Education has directed universities to investigate the extent of the problem and gather detailed data on impacted students.
A thorough investigation is underway, but Zambry emphasised the need for students to avoid such schemes entirely.
“It will only complicate their lives, create long-term financial burdens and distract from their studies,“ he said. - Bernama
