Author Topic: Student Loans Fund to sue 120,000 borrowers for defaults  (Read 394 times)

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Student Loans Fund to sue 120,000 borrowers for defaults

The Office of Student Loans Fund is considering suing 120,000 borrowers who have defaulted their loan repayments averaging 100,000 baht each this year, said Mr Chainarong Katchapanan, the loan manager.

He disclosed that 3.5 million borrowers of student loans are due this year to service their loan repayments with total debts amounting to400 billion baht.  In the meantime, he said the office would take legal actions against 120,000 borrowers who defaulted their repayments of debts totaling 12 billion baht, averaging 100,000 baht each.

In the past decade, the Office of Student Loans Fund has taken legal actions against 1.2 million borrowers who owe the fund to the tune of 48 billion baht.

The fund has, so far, extended loans amounting to 570 billion baht to 5.4 milllion borrowers.  Of these, 800,000 cases have been closed, including 50,000 cases of borrowers having died or becoming disabled.  Of the remaining 4 million borrowers, more than two million of them have defaulted their repayments.

However, he said the fund planned to extend new loans estimated at 30 billion baht to some 700,000 students this year.

As far as loan repayment is concerned, he said that beginning July this year, officials of the Comptroller Department who used to be loan borrowers would become the first group of officials who would have their salaries deducted to service their student loans.

In case of corporate employees who used to be loan borrowers, salary deductions to service loans will start at the end of this year with employees of big corporation such as CP, Krung Thai Bank and state enterprises.

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