Thai officials have decided to extend the deadline for forgiving student loans until June 30, 2019, according to an announcement made by Deputy Government Spokesperson Rachada Dhnadirek on Wednesday (Dec. 14).
Student loan interest rates would be lowered from 1% per year to 0.01% per year under the debt relief plan, provided the borrower has not defaulted on payments. If you have never defaulted on your loan and would want to pay off the sum in full, we will lower the principal by 5%.
Debtors who haven’t been prosecuted yet but still want to pay their debt can get an 80% discount on the total amount still owed. If a borrower has fallen behind on payments but has not yet been taken to court, the amount of the punishment will be lowered to 0.5% of the total amount outstanding. If a borrower pays off their loan in full, they won’t be hit with any fees.
Anyone who hasn’t been prosecuted can make monthly payments at any branch of the state-run Krung Thai Bank or the Islamic Bank of Thailand.
Any debtors who have fallen behind on their payments but have not yet been brought to court can apply for debt relief at https://www.studentloan.or.th/promotion.
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