Bangkok: The Student Loan Fund has announced an extension of the debt restructuring period by another eight days, appealing to borrowers to restructure their debt, reduce the principal, and avoid a monthly salary deduction of 3,000 baht. This move comes as the Fund admits to a shortage of funds, which could impact student loans for the first academic year of 2025.
According to Thai News Agency, Mr. Lawan Saengsanit, Permanent Secretary of the Ministry of Finance, revealed that the Fund has requested a central budget allocation of 2,838.64 million baht. This budget, which is deemed necessary due to an insufficient allocated amount, will allow students to borrow funds for the academic year 1/2568. Of this, 2,000 baht is allocated for student expenses, with an additional 838.64 million baht for loans under new regulations.
Mr. Lawan highlighted the additional 3,000 baht monthly salary deduction faced by borrowers with outstanding debts. He explained that borrowers could avoid this deduction by restructuring their debt or settling the outstanding amount in full. Borrowers are encouraged to contact the Student Loan Fund or use the online platform for debt restructuring, which will help in reducing monthly installments and avoid further deductions. For instance, one borrower, Mr. A, could reduce his original debt of 279,445 baht to a restructured debt of 84,959 baht, lowering his monthly payment from 1,620 baht to just 480 baht.
Addressing concerns about increased debt amounts post-restructuring, Nuanlawan clarified that this arose from misunderstandings. She advised borrowers to verify the updated debt amount on the Student Loan Fund website, noting that updates on the Mobile Application are still pending. Moreover, the Fund is offering debt reduction measures, including a 5-10% principal discount and a 100% fine discount for debts settled by May 31, provided they are not yet subject to legal action. Borrowers can find further details and register for these benefits at www.studentloan.or.th.