Bangkok: Student Loan Fund debtors are being advised to urgently verify their repayment status to ensure they have not overpaid and, if applicable, to register for a refund via the website www.studentloan.or.th. The Student Loan Fund has committed to processing refunds by May using the PromptPay system exclusively. According to Thai News Agency, Mr. Anukul Prueksanusak, deputy government spokesman, disclosed updates on the Student Loan Fund's debt restructuring efforts under the new Act of 2023, which aims to alleviate borrowers' financial burdens and enhance educational opportunities. The data shows 598,334 borrowers have engaged in debt restructuring agreements. The Fund has recalculated the debt for 3,835,213 accounts, prioritizing repayment of the principal, interest, and penalty fees in that order. The updated interest rate is 1% per year, with penalties reduced to 0.5% per year. As a result, debts for 3,548,016 borrowers have decreased, 755 accounts remain unchanged, and 80 accounts are now closed. Add itionally, 286,362 borrowers are entitled to request refunds for overpayments. Currently, 26,463 borrowers have registered for refunds, with 2,602 accounts already refunded, amounting to 73.70 million baht. Refunds will be processed through the PromptPay system, linked to borrowers' bank accounts via their national ID numbers. The refund process consists of two parts: initially, the Fund will refund 70% of the calculated amount, followed by any additional overpayments calculated through the DSL system. Borrowers can check their account status and register for refunds on the website, with the expectation to receive refunds within May. Mr. Anukul highlighted issues with salary deductions by employers, which have previously only covered current year debts, leaving some borrowers with outstanding debts from prior years. This has led to increased salary deductions anticipated in April 2025. To address this, the Fund has devised a support guideline for affected borrowers: 1. Borrowers with existing debt restruct uring contracts should make their first installment payment independently and notify their employers to prevent additional deductions of 3,000 baht from their salaries. Deductions under the new contract will commence from the second installment. 2. Borrowers without restructured contracts who cannot accommodate further deductions can apply to reduce the deduction by 3,000 baht per month via the Student Loan Fund website by 24 May 2025 for the May installment or by 14 June 2025 for the June installment. The Fund will communicate the outcome via SMS and inform employers through the e-PaySLF system. Mr. Anukul emphasized the importance of repaying loans to sustain educational funding. The Fund's debt reduction measure encourages repayments between March 1 and May 31, 2025, with a 5-10% principal discount and full penalty waiver. Eligible borrowers can initiate debt restructuring online at www.studentloan.or.th or verify their identity via the ThaiD application.
Menu