harryfrompattaya Posted July 2, 2014 Share Posted July 2, 2014 Thainess ? I took a loan, didn't know I had to repay. How long does a Thai loan last for ? Forever ! In all counties student loans are not be paying back Students who get the loans are the same all over the world Link to comment Share on other sites More sharing options...
plachon Posted July 2, 2014 Share Posted July 2, 2014 Actually for those familiar with this scheme, it is not surprising that many students hoped it would not have to be repaid. It was sold to them by the government as a "free university education". The interest rates were so low that the longer they waited to repay, the less they would owe as the rates were under inflation. Like many stories in the news here, you need to look behind the headlines to get the real story. It was a scheme already in operation that really got ramped up 15 years ago. It allowed politicians in the education industry to receive huge amounts of income by pushing more M.6 students from the rural areas into cheap, private universities. Tuition fees were paid direct to the universities. It allowed local politicians to be bought by the above bigger politicians. The big ones would go into an amphoe in e.g. Kalasin and say, "Give me 1200 M.6 kids and I'll give them a free degree." Massive building of patronage networks and lots of activity in the favour banks. It gave 1000's of students a piece of paper that said Bachelor's degree allowing them to apply for jobs they would not have been able to apply for otherwise. No discussion was made about repayment. But I am sure there was something in the contract they signed. Certainly the impression was that repayment could be postponed indefinitely. I think you've probably just about nailed a lot of the impetus to roll out the education soft loan scheme in your post. Another factor not mentioned, was the 15 + year long programme to build new universities and upgrade existing ones massively, so that virtually every province had at least one university, some 3 or 4, which filled the coffers of private contractors, politicians and govt officials alike in the opportunities for graft and embezzlement. It was a feeding frenzy, fed especially to the patronage networks of Thaksin during his reign of power, the likes of which will probably never be experienced again in Thailand, as there is now clearly a huge glut of both academic institutions and classrooms. But at the time, as you say, they needed to put bums on seats in the new concrete monstrosities and the loan scheme for every M6 student and ex-vocational college student, no matter their aptitude for academic study at degree level, was the solution. Hence, many students probably didn't understand that they would have to pay the money back, it was so easy to obtain and in any case, their parents are forever having their debts written off by the Tor Gor Sor, every time a new govt wants to woo their vote, so why shouldn't it be the same for students? Link to comment Share on other sites More sharing options...
Popular Post Pimay1 Posted July 2, 2014 Popular Post Share Posted July 2, 2014 I found out early on that loaning money to a person in this country and expecting to be paid back is synonymous to buying a lottery ticket and expecting to win. And I am not bashing anyone. 3 Link to comment Share on other sites More sharing options...
Pimay1 Posted July 2, 2014 Share Posted July 2, 2014 or they were of the understanding that the loan did not have to be repaid. I would suggest this is the typical of the average student leaving university - understanding nothing Do they understand what the word LOAN actually means? I reckon they do. Link to comment Share on other sites More sharing options...
casualbiker Posted July 3, 2014 Share Posted July 3, 2014 From what I can make out the paperwork can be VERY confusing. My wife is paying hers. But yearly lump sum not monthly. It would seem the first 5 years or so are low but ramp up as the loan term progression. I might ask her more tonight. Lender is a government revolving fund. Sent from my XT1032 using Thaivisa Connect Thailand mobile app That is sensible - as the person gets older their salary increases so they can afford more to repay Turns out she changed it to monthly pay last year.. 1,250b a month for 9 years (125k value) she didn't like the ramp up in the final few years on the old system. Sent from my XT1032 using Thaivisa Connect Thailand mobile app 1 Link to comment Share on other sites More sharing options...
allan michaud Posted July 3, 2014 Share Posted July 3, 2014 <script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script> No pity for lenders.Anyone know what the repayment terms are on these loans...especially in default? Why should we pity money lenders? even official ones? Link to comment Share on other sites More sharing options...
Cake Monster Posted July 3, 2014 Share Posted July 3, 2014 Why do the students take a loan in the first instance. Get a loan, pay a load of money to go to a Thai University, get a " degree " which is only recognised in Thailand from the university, and end up in a poorly paid job where it will take a minimum 10 years to even pay back the initial capital outlay of obtaining the degree. Degrees needed in basic economics I think. 1 Link to comment Share on other sites More sharing options...
casualbiker Posted July 3, 2014 Share Posted July 3, 2014 Why do the students take a loan in the first instance. Get a loan, pay a load of money to go to a Thai University, get a " degree " which is only recognised in Thailand from the university, and end up in a poorly paid job where it will take a minimum 10 years to even pay back the initial capital outlay of obtaining the degree. Degrees needed in basic economics I think. Because if they don't. They won't get any job! Sent from my XT1032 using Thaivisa Connect Thailand mobile app Link to comment Share on other sites More sharing options...
Krataiboy Posted July 3, 2014 Share Posted July 3, 2014 ". . . misunderstood that they did not have to pay back the loans". And this in a society that runs on loan sharks! Link to comment Share on other sites More sharing options...
gamesgplayemail Posted March 3, 2018 Share Posted March 3, 2018 Hello, do you know if it is easy for Thai to avoid paying their loan ? Do you know if the government often tries to pay it with the student family land ? Thanks. Link to comment Share on other sites More sharing options...
rkidlad Posted March 3, 2018 Share Posted March 3, 2018 I knew a bird here who bought a pick-up truck. She said she had to pay back 11k a month for 5 years (don’t quote me on the figures). Anyhoo, she then went on to explain that there were also insurance, maintenance and fuel costs on top. It was all, “too much” to quote her. It was all so unfair. There is a person who clearly doesn’t understand how borrowing and repaying works. There are many, many more like her. 1 Link to comment Share on other sites More sharing options...
worgeordie Posted March 3, 2018 Share Posted March 3, 2018 A Thai loan = a gift regards worgeordie 2 Link to comment Share on other sites More sharing options...
metisdead Posted March 3, 2018 Share Posted March 3, 2018 Don't know why this 3-1/2 year old topic needed to be resurrected, as the resurrection was not due to a news update, this topic is now closed. Link to comment Share on other sites More sharing options...
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