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Salary deductions to begin for student loans

Oct 19. 2017
Photo from: www.bankloanthai.com
Photo from: www.bankloanthai.com
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By The Nation

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Officials of the Student Loan Fund (SLF) will between November and January show 1,000 employers across the country how to deduct payments for their employees’ school loans.

Fund manager Chainarong Kajchapanan said the system of collecting debts via salary deductions, to be implemented in the new year, was designed to address the problem of debt default.

It would also give new students the opportunity to borrow from the SLF for their education, he said.

Chainarong signed a memorandum of understanding last week with Ekasit Kunanantakul, president of the Employers’ Confederation of Thailand, that will allow the SLF to deduct debt payments from staff salaries in accordance with the Student Loan Fund Act 2017.

The SLF is dealing with nearly 5.3 million debtors, while 671,000 have recently repaid their loans in full.

More than three million debtors have failed to settle their accounts, representing a cumulative debt topping Bt69 billion.

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