Bangkok: The Student Loan Fund (SLF) has announced an enticing debt reduction initiative, encouraging borrowers to pay off their student loans with significant discounts on the principal amount. Borrowers have until May 31, 2025, to take advantage of these benefits, which include a 5-10% discount on the principal and a full waiver of penalty fees for those who settle their debts in full.
According to Thai News Agency, the initiative is designed to incentivize borrowers who are either in their grace period or in the process of repaying debts that have not yet led to legal action by the SLF. Borrowers can register for these benefits on the official website, www.studentloan.or.th, and exercise their rights within the specified timeframe.
The SLF outlines specific discounts for various borrower categories. Those in the grace period, within two years of graduation, can enjoy a 10% reduction on the principal if they settle their debts at once. Additionally, a 5% discount is available for partial payments made during the grace period, without the need for prior registration.
For borrowers actively repaying their debts, the SLF offers a 10% principal reduction for those who have maintained a clean repayment record and settle their debt in full. A 7% reduction is available for borrowers who have defaulted in the past but are currently in good standing and pay off their debts in one go. Borrowers who are currently in default can benefit from a 5% principal reduction and a full waiver of penalty fees if they clear their outstanding debt at once.
The SLF emphasizes that these measures do not extend to borrowers under the Human Capital project or those who have restructured their debts. The initiative aims to provide significant financial relief and encourage timely repayment, fostering a culture of financial responsibility among borrowers.