Bt2.12 billion had been approved for 112,500 students eligible to obtain loans in the coming semester, while another Bt3.1-billion loan was being sought for a further 234,000 students.
Chaturon said the money could be allocated from the central budget, if not from other sources.
He said the process should be finalised as quickly as possible after the end of the Songkran holiday break.
The Student Loans Commission will in the meantime ask students who took out loans to repay their debts.