House, "Kittirat" is the first group to reduce the debt of the Student Loan Fund. Covering 3.5 million current debtors, piloted in Bangkok before expanding to the region.
Mr. Lawan Saengsanit, Permanent Secretary of the Ministry of Finance As the Chairman of the Student Loan Fund Committee (SLF), he revealed that today the secondary law of the Student Loan Fund Act, B.E. 2023, has begun to take effect. There will be a new adjustment to the order of debt repayment. The money that the borrower will pay to The Student Loan Fund deducts the principal first. Then followed by interest and penalties, instead of deducting the penalties first. followed by interest and the final principal amount Changing this new debt payment order This will result in the debt amount being able to be significantly reduced. and will be effective against the debtor Every current Student Loan Fund, which has approximately 3.5 million people, must have their debt balance corrected in the main system of the Student Loan Fund, which will be recalculated for every one of them. This new calculation will start from the first day of the first installment. It can be seen that the debt burden has clearly decreased. Debtors who have already paid installments When recalculating There will be a group whose debt balance has clearly decreased. And there may be some groups that are still paying installments. And the installments haven't been finished yet. But when recalculating You may be able to close the balance. As for debtors whose balance has already been closed The Student Loan Fund will recalculate. to proceed correctly
The Permanent Secretary of the Ministry of Finance said that the Student Loan Fund will create simple software. which can be calculated by hand first Among the urgent debtors is the first group, which are debtors under the supervision of the Legal Execution Department, such as debtors who have sued for attachment. In this group, the Student Loan Fund will calculate first, which has approximately 46,000 cases and will complete the process by December. This is considered a gift. New Year for this group of debtors
As for the second group, which is the group whose statute of limitations expired in March 2024, there are approximately 40,000 people. They will also be recalculated by hand. But if we can do it quickly There will be a debtor draw. Other groups of Student Loan Fund Let's calculate by hand as much as possible. before the main system is completed
Mr. Kittirat Na Ranong, Chief Advisor to the Prime Minister, said that the old Student Loan Fund law caused borrowers who were debtors to The Student Loan Fund has difficulty repaying the loan. But from the new law that took effect on March 20, 2023, interest is charged. and the penalty rate has been greatly reduced from the original This will result in student loan debtors having a better ability to repay their debts.
In addition, in calculating the debt amount according to the new system for debtors Student Loan Fund that has already been repaid in full. If the Student Loan Fund finds that the payment has been sent in excess of what was recalculated, The Student Loan Fund will also refund the money.
“Today is another important day. Therefore, we want educational institutions, borrowers, and guarantors heard this good news Student Loan Fund is ready to work with you. Help reduce the debt burden. This is considered the best news of the year,” Mr. Kittirat said.
for debtors Student Loan Fund who is in the process of execution, such as those whose assets have been confiscated and waiting for the auction, the Student Loan Fund will recalculate the debt amount as well. It is believed that when the new debt amount has been calculated There is almost no need to auction off assets. Because the debt amount will be greatly reduced.
Mr. Chainarong Kachapanan, Manager of the Student Loan Fund, added that For those who have the obligation to act as a guarantor for all Student Loan Fund debtors, they will be relieved of their guarantee obligation from January 2024 onwards after the Student Loan Fund will allow for debt restructuring. which when the debtor The Student Loan Fund has come to sign the debt restructuring agreement. The guarantor will be released from liability.
In this regard, the Student Loan Fund will begin opening for debt restructuring in Bangkok first, then will gradually open it in other regions.
Mr. Chainarong said that from the past to the present The Student Loans Fund has already lent 700 billion baht to 7 million borrowers. Today, 2 million borrowers have closed their accounts, 1.3 million are in the process of studying, and another 3.5 million are in the process of repaying installments. There is a circulating debt burden of approximately 400 billion baht.
Of the 400 billion baht, there are tens of thousands of cases in the Legal Execution Department. On average, one person has a total debt of 120,000 baht. Currently, the Student Loan Fund is seizing assets, delaying lawsuits, and delaying public auctions.
However, for debtors who are able to make regular installments Please continue to pay installments. To pass on opportunities to the younger generation But if the loan is defaulted, the Student Loan Fund will be given the opportunity to restructure the debt.
Source: Thai News Agency