Education Loan Fund Warns Borrowers of Legal Action for Missed Payments
Thailand's Education Loan Fund warns borrowers in restructuring programs that missing six payments will terminate their agreement and trigger legal action, with penalties reinstated as debt.
The Education Loan Fund (GYSF) has warned borrowers enrolled in debt restructuring programs to make continuous monthly payments by the 5th of each month to preserve their contract rights. According to GYSF Deputy Manager Anchalee Phuriwitthavattana, the fund previously offered debt restructuring to delinquent borrowers and those involved in court proceedings, extending repayment periods by up to 15 years with equal monthly installments. Compliant borrowers receive immediate release from guarantor liability and a full 100% penalty fee waiver.
However, GYSF has clarified that if borrowers miss six cumulative payments—consecutive or otherwise—or if fewer than six payments remain on the contract and a payment is skipped, the restructuring agreement terminates immediately. The fund will reinstate suspended penalty fees as debt and pursue borrowers through legal channels. GYSF urges all borrowers to meet payment deadlines to avoid legal action, as timely repayment ensures the fund maintains sufficient circulation to support future students and educational opportunities.
