The Student Loan Fund (SLF) will begin deducting an additional 3,000 baht per month from the salaries of borrowers with overdue repayments, according to Nanthawan Wongkhachornjit, the fund's manager.
She was responding to concerns among borrowers after news of a letter from the Fund to employers about an extra deduction of 3,000 baht per month went viral. Many questioned why they face the extra deduction despite making regular payments.
Ms Nanthawan said the extra deduction would apply only to borrowers who have failed to settle their overdue debt by July of each year, so the Fund must deduct the remaining balance from their salaries, starting in April.
Borrowers can check the exact amount of their overdue debt through the SLF mobile application, she said. They can also restructure their loans via the fund’s website.
Borrowers can extend their repayment period by up to 15 years to have their penalty fines reduced, she added.
