It also puts the values of the next generation at risk, said former deputy secretary-general of the treasury Ramon Navaratnam who helped draft the NEP.

In his Budget 2022 speech on Friday, finance minister Tengku Zafrul Aziz announced that a rebate of between 10-15% would be available to PTPTN borrowers. This was met with backlash online, with netizens claiming it would effectively reward bad borrowers and punish those who had been diligent in meeting their repayments.

Disagreeing with the broad scope of the rebate, Navaratnam said the concept of honouring one’s debts must be preserved.

“Students need to be categorised, so that those who are well off and capable are still required to pay their debts on time.

“For those going through hardships, the government can show compassion by extending the period over which they pay off their loan, so they have more breathing room,” he told FMT.

“A debt is still a debt, and must be settled faithfully and dutifully. Our student’s should be taught the importance of settling their debts, which is part of many different religious teachings and is an important value to instil.”

He also argued that the funds for PTPTN loans must come from somewhere, and to give discounts would cut the amount of money available to the higher education ministry and thus reduce the number of loans they’d be able to give.

“Nowhere in the world are there limitless funds, the money used to finance student loans need to come from somewhere.”

The message it would send to the wider world was also a concern, he said.

“Malaysia is not an island. The world is watching and holds us to global standards, so we must act accordingly.

“If we continue to promote this subsidy mentality, what does that say about how the country treat debts? How will that make other countries perceive us? Who will trust us to settle our obligations on time?”