Deputy Government Spokesperson Rachada Dhnadirek announced on Wednesday (Dec 14) that the Thai government had agreed to extend the deadline for student loan reprieves to June 30, 2023.
According to the debt easing measure, student loan interest rates would be reduced from 1% per year to 0.01% per year for borrowers who have not defaulted on payments. The principal amount will be reduced by 5% for borrowers who have never defaulted and wish to pay off the balance in full.
Outstanding fines will also be reduced by 80% for debtors who have not yet been prosecuted but wish to settle their debt. For borrowers who cannot settle delinquent balances but have not yet been taken to court, the fines will be reduced to 0.5% of the amount owed. No penalties will be assessed to borrowers who settle their loans in full.
All branches of the state-run Krung Thai Bank or the Islamic Bank of Thailand accept installment payments from borrowers who have not been prosecuted.
Defaulting borrowers who have yet to be taken to court can register for debt relief at the following website: https://www.studentloan.or.th/promotion. (NNT)
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