PUTRAJAYA, July 9 — Higher Education Minister Datuk Seri Zambry Abd Kadir has advised university students nationwide to be cautious and avoid falling into buy now, pay later (BNPL) schemes or high-interest loan traps that could saddle them with unmanageable debt.
He said the ministry received early reports of purchase schemes being converted into high-interest loans, catching students off guard and trapping them in debt they may not fully understand.
“I’ve been informed by many parties who contacted me, expressing concern over this growing issue.
“I won’t name any specific organisations, but the reports indicate that a significant number of students are at risk of being saddled with large debts,” he told reporters at the 58th Asean Foreign Ministers’ Meeting, officiated by Prime Minister Datuk Seri Anwar Ibrahim.
Zambry said the Higher Education Ministry has been directed to take immediate action by instructing universities to investigate whether their students have been affected by such schemes.
He added that the ministry is also gathering detailed information to determine how many students may already be impacted.
“A thorough investigation is ongoing. Most importantly, I urge all students to stay away from such schemes. It will only complicate their lives, create long-term financial burdens and distract them from their studies,” he said.
— Bernama
