25 Mar.- Office of the National Assembly accelerates the improvement of the fund debt settlement system to be in line with Revised Act Emphasizes that borrowers will not lose their rights under the new law.
Ms. Trisulee Trisoranakul, Deputy Spokesperson for the Prime Minister's Office, said that after the Student Loan Fund Act revised edition Effective from March 20, 2023 onwards, the Student Loan Fund (Kor Sor.) has accelerated the issuance of relevant laws. as well as adjusting the operating system in accordance with the new law especially the write-off of debt to comply with the new law to make money to pay debts Cut off the principal before the payment is due Then deduct interest or any other benefits. From before, cut the penalty payment first Followed by interest and principal.
In addition, it also improved the reduction of interest according to the new law to 0.5 percent from the original 7.5 percent. The NSF has informed information through various channels, such as the NSF's Line Official Account once the system has been improved. The rank will take all payment amounts from March 20, 2023 to calculate the payment again to comply with the law. The borrower does not lose such right.
“This new order of debt settlement rules This is useful for borrowers with a history of defaults, which normally incur penalties. Originally, when the borrower brought the money to pay, the penalty will be cut first. followed by interest Then come and cut the principal. which causes in some cases there is no money left to cut the principal But according to the new criteria, the money paid in will be used to write off the principal that is due first. The rest is interest and penalties. which the new criteria will cause the principal to decrease faster Reduce the chance of incurring additional fines And helps to pay off debt faster because the Kor. Sor. has a debt repayment system that reduces the beginning, reduces the interest, ”said Ms. Trisulee.
Ms. Trisulee said that in addition to the aforementioned change in the order of debt settlement, the Kor Kor Sor Act (No. 2), 2023, has improved the original law in other important ways. There are many other things such as setting a loan interest rate of not more than 1 percent per year, a penalty rate of not more than 0.5 percent per year, making a loan contract without a guarantor, etc.
However, at the end of 2022, the NGO has given loans to students, a total of 6,468,483 students, 1,709,850 people have completed their debt payments, representing 26 percent, 3,518,896 people in debt repayment, representing 55 percent, 1,170,063 people in debt grace period, representing 100 18 per person, and 69,674 deaths / disabilities, representing 1 percent. For the 2023 academic year, the NGO has prepared a loan amount of over 40,000 million baht to support student loan needs. Students across the country about 6 hundred thousand people .-Thai News Agency
Source: Thai News Agency