Bangkok: The Student Loan Fund (SLF) is progressing with the recalculation of debt amounts for over 3.5 million borrowers who are currently repaying their loans. This initiative is in accordance with the Student Loan Act (No. 2) B.E. 2566. The SLF is enhancing its system to ensure accurate and comprehensive recalculation of debt amounts, which will subsequently be entered into the DSL system and the Student Loan Fund Connect application.
According to Thai News Agency, the SLF is addressing the complexity of recalculating debts while considering past borrower assistance measures. This intricate process requires a thorough retrospective review. The SLF, in collaboration with system developers, is verifying data accuracy for the new debt calculations. Borrowers are being categorized based on their repayment status, including regular payment, overdue payment, and litigation groups. The recalculation process will prioritize the regular payment group, followed by expedited verification for other groups before data integration into the DSL system and the Student Loan Fund Connect application.
Despite ongoing progress, the new system's full development and improvement are not expected to meet the initially planned schedule of July 2025. Consequently, the display of current debt balances in the DSL system and the Student Loan Fund Connect application will be postponed. The SLF assures that it will expedite and closely monitor operations to ensure that debt balance displays are accurate and efficient at the earliest opportunity.
The recalculation under the Student Loan Act (No. 2) B.E. 2566 involves reassessing each borrower's debt repayment history from the first due date. The repayment sequence is adjusted from "penalty - interest - principal" to "principal - interest - penalty," with an interest rate of 1% per annum. Additionally, the penalty rate is reduced from a maximum of 18% per annum to 0.5% per annum. This adjustment is expected to lower debt for most borrowers, with some potentially having no remaining debt. The SLF confirms that borrowers will retain their legal rights, and once the system is operational, notifications will be issued through the SLF website, www.studentloan.or.th.