Skip to content
View in the app

A better way to browse. Learn more.

Thailand News and Discussion Forum | ASEANNOW

A full-screen app on your home screen with push notifications, badges and more.

To install this app on iOS and iPadOS
  1. Tap the Share icon in Safari
  2. Scroll the menu and tap Add to Home Screen.
  3. Tap Add in the top-right corner.
To install this app on Android
  1. Tap the 3-dot menu (⋮) in the top-right corner of the browser.
  2. Tap Add to Home screen or Install app.
  3. Confirm by tapping Install.

Salary deductions to begin for student loans

Featured Replies

Salary deductions to begin for student loans

By The Nation

 

05ac853c3356cc487e4126fb65f17b33.jpeg

 

Officials of the Student Loan Fund (SLF) will between November and January show 1,000 employers across the country how to deduct payments for their employees’ school loans.


Fund manager Chainarong Kajchapanan said the system of collecting debts via salary deductions, to be implemented in the new year, was designed to address the problem of debt default.

 

It would also give new students the opportunity to borrow from the SLF for their education, he said.

 

Chainarong signed a memorandum of understanding last week with Ekasit Kunanantakul, president of the Employers’ Confederation of Thailand, that will allow the SLF to deduct debt payments from staff salaries in accordance with the Student Loan Fund Act 2017.

 

The SLF is dealing with nearly 5.3 million debtors, while 671,000 have recently repaid their loans in full.

 

More than three million debtors have failed to settle their accounts, representing a cumulative debt topping Bt69 billion.

 

Source: http://www.nationmultimedia.com/detail/national/30329655

 
thenation_logo.jpg
-- © Copyright The Nation 2017-10-19

"More than three million debtors have failed to settle their accounts, .......".

Understandable, since cost of living increases, new car payments, mobile phones etc, are expensive these days.

So, if your not employed directly by a company they're screwed ! 

As one girl said to me, "I went to uni for four years for what? To start off on 13k a month?". Really don't know how people survive here, especially in Bangkok. I guess necessity really is the mother of all inventions. That and brainwashing people into believing this, and many other countries' systems are a good idea. 

5.3 million debtors with over 3 million having trouble settling their accounts?

 

Maybe a Thai diploma really is worth only the paper it is printed on.

Deductions are entirely correct for these entitled snowflakes....you should pay for lucking out and going to higher education instead of thinking that it's your right and just dumping the problem on mummy and daddy.  

54 minutes ago, rkidlad said:

As one girl said to me, "I went to uni for four years for what? To start off on 13k a month?". Really don't know how people survive here, especially in Bangkok. I guess necessity really is the mother of all inventions. That and brainwashing people into believing this, and many other countries' systems are a good idea. 

13000 a month is for graduates that had extremely low grades and can barely read and do basic math. It's almost possible to have a degree in being a maid, they want the piece of paper so they can say I have a degree. It means nothing in the job market. But the ones that have studied and have a good degree can expect to make 100 to 200,000 a month after a few years experience. 

4 hours ago, greenchair said:

13000 a month is for graduates that had extremely low grades and can barely read and do basic math. It's almost possible to have a degree in being a maid, they want the piece of paper so they can say I have a degree. It means nothing in the job market. But the ones that have studied and have a good degree can expect to make 100 to 200,000 a month after a few years experience. 

Making 100,000 Baht a month in Thailand with a new University Degree? Your Dreaming!

 

I know 2 Girls personally who both went to University for 4 years on Student Loans and both graduated with good marks. One graduated in Business Administration and Accounting and got a job starting out in the Tax Department, earning about 15,000 Baht a month. After a year she got a raise to about 20,000 Baht a month. She is still paying off here Student Loan 5 years later.

 

The other graduated as a Lawyer. She to got a government job helping people defend themselves in court. Her salary was about the same or maybe just a bit more. Her new husband paid off this student load a she doesn't work anymore and stays home raising there child.

 

Part of the problem here is that the starting salary for new University Graduates is not very good. With a job it is barely enough to live on let alone have the luxury of paying off a huge Student Loan. Fortunately they will accept even small payments like the first girl I know. But at the same time it will take her many years to finally pay off this debt.

 

In reality the risk reward of a student loan here hardly makes a loan worthwhile.   

12 hours ago, ratcatcher said:

"More than three million debtors have failed to settle their accounts, .......".

Understandable, since cost of living increases, new car payments, mobile phones etc, are expensive these days.

I wish I knew what exactly that language/wording meant?

 

Is that the number who have flat-out defaulted on their loans (as in, disappeared/stopped paying)?

 

The number who are still paying but are late or behind schedule?  Or both???

 

It would be nice if they actually said what they actually meant... :sleep:

 

In my language, a person has only really "settled their [loan] account" when the balance goes to zero, as in, fully repaid. But of course, I presume, the students are given some period of time/years after they graduate before the full amount needs to be ultimately repaid.

 

Thus at any given time, there's going to be some large population of recent graduates who presumably would still be in the normal repayment period for their loans, and thus not have settled their accounts as yet.

 

9 hours ago, greenchair said:

13000 a month is for graduates that had extremely low grades and can barely read and do basic math. It's almost possible to have a degree in being a maid, they want the piece of paper so they can say I have a degree. It means nothing in the job market. But the ones that have studied and have a good degree can expect to make 100 to 200,000 a month after a few years experience. 

That may well be true. But anyone going on to earn 100-200k a month after ‘a few years’ would be the absolute exception. For most this is not the case at all. 

This isn't the employers problem, it's the governments.

How many employers will actually garnish employee wages and actually it hand over the money to the government?

 

Why doesn't the government start first with their own employees?

 

I see many unhappy employees changing jobs.

Edited by inThailand

Employed people only, not business owners:

Majority if Thai's earn less then 20k/month. With Degree that can do up to 50k/month.

% of Thai's earning more then 50k/month is so slim. I know some who do ear that and it either take extreme luck or over 5-7 years in the same company

 

Besides, I DO NOT AGREE THAT THE GOVERNMENT CAN TAKE MONEY FROM PRIVATE PEOPLE'S SALARY. (except taxes)

That debt should be handled directly with the Student and not via their only mean to survive... IMO

Edited by Itay

1 minute ago, Itay said:

Besides, I DO NOT AGREE THAT THE GOVERNMENT CAN TAKE MONEY FROM PRIVATE PEOPLE'S SALARY. (except taxes)

That debt should be handled directly with the Student and not via their only mean to survive... IMO

The Student Loans could be construed a 'tax' so to speak, they borrowed the money from the Govt they are obligated to repay it...........a lot of countries have laws allowing garnishing of wages to repay debt after extensive attempts to collect have been exhausted.

7 hours ago, GOLDBUGGY said:

Making 100,000 Baht a month in Thailand with a new University Degree? Your Dreaming!

 

I know 2 Girls personally who both went to University for 4 years on Student Loans and both graduated with good marks. One graduated in Business Administration and Accounting and got a job starting out in the Tax Department, earning about 15,000 Baht a month. After a year she got a raise to about 20,000 Baht a month. She is still paying off here Student Loan 5 years later.

 

The other graduated as a Lawyer. She to got a government job helping people defend themselves in court. Her salary was about the same or maybe just a bit more. Her new husband paid off this student load a she doesn't work anymore and stays home raising there child.

 

Part of the problem here is that the starting salary for new University Graduates is not very good. With a job it is barely enough to live on let alone have the luxury of paying off a huge Student Loan. Fortunately they will accept even small payments like the first girl I know. But at the same time it will take her many years to finally pay off this debt.

 

In reality the risk reward of a student loan here hardly makes a loan worthwhile.   

I have to disagree. My step daughter skipped Mathayom 4 , 5 ,and 6 instead opting for a quick vocational training of 2 years focusing only on accounting. Which she was told was equal to the first 2 years of degree.

She then got her "degree" after 2 years at a "reputable " university. 

With a c grade. So she saved 3 years of education. She has a degree in accounting and you are right gets 10 to 15 thousand a month. 

The other student completed 6 years of Mathayom, then went on to do a 4 year degree b grade. 

She gets a top accounting government job starting not less than 25000 a month with a 4 percent raise per year plus bonus. 

The first degree is basically a secretary, she cannot sign off on the auditing. They have to hire the higher degreed to sign off. 

1 is a footwork degree. 1 is a "real" degree with salary and benefits. 

Very highly paid especially in business and accounting. 

 

2 hours ago, rkidlad said:

That may well be true. But anyone going on to earn 100-200k a month after ‘a few years’ would be the absolute exception. For most this is not the case at all. 

Most have come from vocational schools with very little academic smarts. 

Anybody can get a degree in Thailand, even my stepdaughter that can barely read or do basic math. There are only a few thousand seats at top university like chulalongkorn, or thamasat with about 1 million kids trying to get the seat. Those students are hired by the top international companies. The ones you are talking about are hundreds of thousands of low level degree holders mostly with degrees in business administration, tourism, media, art design, human resources. The job market is saturated with them. The top salaried jobs will not hire them. 

With a grade system of 1234.

They are all the 1's and 2's.

How good is that? Borrowing hundred thousands of Baht to go through an educational programme which will result in an 11K-13K/month job because the education gained is absolute crap and totally useless. 

The 69 billion Baht would be better spent on the purchase of submarines, destroyers, helicopters or other big-boy-toys. 

Only once education is free for all and available to the more gifted youth of a country you can expect changes. But then again, those in charge of changing and improving are the very same benefitting of an uneducated electorate. A newsletter of Bangkok Air Catering referred to a senior Thai executive crying over the fact, that more than 80% of the work force in the Kingdom is "unskilled" and ill prepared for the challenges of the 21st century. The bottle neck is on top of the bottle - go figure! 

7 minutes ago, Sydebolle said:

Only once education is free for all and available to the more gifted youth of a country you can expect changes. 

No free higher education in the USA or UK.

26 minutes ago, MaeJoMTB said:

No free higher education in the USA or UK.


But in Switzerland and, I think, also in Germany ........ 

I guess that´s the only way to get back the money. Here nobody will pay anything before they are forced to.

  • 4 months later...

Can you sincerely believe that any Thai deserves more than 10000 thb / month as a new graduated ?

I guess that you have never employed staff in this country to understand how useless they are.

Stop thinking as an employee, try to understand people (business owners( who give them the money that they do not deserve !

Create an account or sign in to comment

Recently Browsing 0

  • No registered users viewing this page.

Account

Navigation

Search

Search

Configure browser push notifications

Chrome (Android)
  1. Tap the lock icon next to the address bar.
  2. Tap Permissions → Notifications.
  3. Adjust your preference.
Chrome (Desktop)
  1. Click the padlock icon in the address bar.
  2. Select Site settings.
  3. Find Notifications and adjust your preference.