The Thai government has agreed to extend the deadline for student loan reprieves to June 30th next year, Deputy Government Spokesperson Rachada Dhnadirek said today (Wednesday).
According to the debt easing measure, the interest rate charged on student loans will be slashed from 1% per annum to 0.01% for borrowers who have not defaulted on repayments. The principal amount will be reduced by 5% for borrowers who have never defaulted and who want to settle the outstanding amount as a lump sum.
The amount of fines will be cut by 80% for borrowers who have not been taken to court and who want to settle their outstanding debt. The fines will be reduced to 0.5% of the amount outstanding for borrowers who cannot settle overdue amounts but have not been taken to court. There will be no fines for any borrowers who agree to settle their loans in full.
Borrowers who have not been taken to court can pay their instalments at all branches of the state-run Krung Thai Bank or the Islamic Bank of Thailand.
Borrowers who have defaulted on instalment payments but have not yet been taken to court can register for debt easing measures at the following website: https://www.studentloan.or.th/promotion
