SLF blames defaults on poor discipline Student Loan Fund often fields calls asking for haircuts, writes Wichit Chantanusornsiri Lack of financial discipline is the most common reason borrowers have defaulted on their education debt, says Chainarong Katchapanan, Student Loan Fund (SLF) manager.Inability to service student loans and lack of responsibility are also common reasons student loan borrowers fall into default, he told the Bangkok Post in an exclusive interview. The fund’s borrowers have directly called him requesting a debt haircut because they shoulder high debt from buying cars and homes, making them unable to pay back 2,000 baht a month. “They bought cars immediately after they got a job. They purchased city cars priced at around 500,000 baht, though they borrowed less than 500,000 baht from the SLF,” he said. Moreover, Mr Chainarong has asked some defaulters to discuss finding solutions, but they said they could not make it because they had overseas trips, or some always posted photos of their parties, meals or travels. Since its launch in 1998, the SLF has lent 605 billion baht to 5.6 million students and it is estimated that 10% of the country’s workforce are borrowers. Moreover, about 20,000 borrowers now work as… Read full this story
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