Govt to help SLF defaulters

Govt to help SLF defaulters

The government has put together a package to assist Student Loan Fund (SLF) defaulters which includes help with debt restructuring and extending the instalment period to 30 years, according to deputy government spokeswoman Ratchada Dhnadirek.

"Prime Minister Prayut Chan-o-cha has reiterated his desire to provide assistance to the 3.5 million students who have taken out loans to pay for their education," said Ms Ratchada.

Ms Ratchada said the SLF agreed on the financial aid after legal obligations over its role as a loan guarantor for students were lifted to coincide with the beginning of this academic year.

The assistance period will cover August until June next year, she said.

Repayments can be reduced to as little as 10 baht each month during this time and over terms the SLF will double the period to pay off the debt to the maximum of 30 years for unindicted debtors.

Nonetheless, debtors must be no older than 65 when they pay their last instalment.

Requests for debt restructuring can be made from Aug 1 via the SLF's "Connect" app or wsa.dsl.studentloan.or.th.

Furthermore, any payments made by unindicted defaulters will go towards repaying the principal balance, before interest and penalty charges.

Annual instalments will now become smaller monthly amounts with an overall interest rate of 0.5%, Ms Ratchada said.

Lastly, Gen Prayut also instructed the Education Ministry and Higher Education Ministry to discuss financial aid measures for students this academic year in their meeting next Tuesday, she said.

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