The government explained the controversy involving Rakchanok regarding the Student Loan Fund (SLF), pointing out that merely adding funds is insufficient if the money does not circulate back to future generations, and emphasized readiness to increase budget support and help those without income.
On 23 September 2026, Ms. Lalida Pertwiwatana, Deputy Government Spokesperson, addressed criticisms from MP Rakchanok Srinok concerning liquidity issues of the Student Loan Fund (SLF). She noted that the projection of a negative 7.037 billion baht cash flow at the end of fiscal year 2027 is merely an estimate of liquidity requiring urgent management, not an actual loss. She stressed that the debate should not focus solely on government subsidies but also consider the SLF’s primary income from repayments by previous borrowers.
The Deputy Government Spokesperson stated that according to fiscal year 2027 documents, the SLF expects to receive 33 billion baht from loan repayments, representing 78% of total income, while government subsidies amount to 9.00037 billion baht or 21%. Compared to estimated expenditures of 49.507 billion baht, this creates an annual deficit. Similar situations occurred in 2025, during which the SLF employed debt repayment stimulation measures alongside requesting additional budget to maintain liquidity.
“If we only discuss how much money the government injects without considering the funds that must be recycled back, it means seeing only half the problem. Increasing budget subsidies helps temporarily, but the long-term solution is to ensure the fund’s money circulates back to the next generation of students,” said Ms. Lalida.
Regarding the SLF debtor structure as of 30 September 2024, there are 3.61 million borrowers with matured loans, but 2.44 million are in default, with outstanding principal exceeding 105.8638 billion baht. The government confirmed it will not pressure individuals without income, unemployed, or those facing hardship, offering deferment and debt restructuring. However, for those employed and capable of paying but defaulting, an efficient and fair debt collection system is necessary to avoid burdening taxpayers and future disadvantaged students.
Additionally, the Deputy Spokesperson clarified that the family income threshold of 360,000 baht per year is not the sole criterion for loan approval. The 2026 academic year criteria categorize borrowers into various groups, especially in fields critical to national needs, and the government considers actual family expenses when evaluating applications.
In fiscal year 2027, the government increased SLF budget support from 5 billion baht in 2026 to 9 billion baht to cover a loan ceiling of over 48 billion baht for more than 780,000 students. The government reaffirmed its key goal: eligible children must not drop out of education; those without income must receive assistance; and those able to repay must do so to sustain the system.