Wipha Banyen, a teacher who was previously at risk of having her assets seized because she acted as a guarantor for 60 students' loans, has now paid off all the outstanding debts.
The unpaid debt, part of a larger sum borrowed from the Student Loan Fund (SLF), totalled 270,000 baht. SLF manager Chainarong Kajchapanan said on Tuesday that Ms Wipha has settled the debt in full one day earlier, thus ending her contractual obligations in all contracts she had guaranteed.
The school director in Kamphaeng Phet province made headlines when she issued a public plea to students who had incurred debt under her name to either pay back what they owe or contact the SLF. Her assets were at risk after 21 of the 60 students failed to repay their loans, which were taken out between 1989 and 1999.
"Much media attention has been drawn to this case,which has resulted in more students paying off their debts this year," Mr Chainarong said.
"The total debt payment has jumped to 26 billion baht, up from about 5 billion baht a year previously."
There are now about 3.5 million debtors repaying what they owe, which totals 400 billion baht, he said. Of this number, 1.4 million make their payments regularly and on time, while the other 2.1 million have failed to pay on time, Mr Chainarong said. Some 68 billion baht remains overdue.
As the sum is so high, the SLF is launching a programme in conjunction with the Stock Exchange of Thailand to guide students, teachers and graduates on how to better manage their personal finances, he said.
Financial discipline is important because it benefits not only individuals, but also the country's economic security and society as a whole, Mr Chainarong said.