New agreement between OTEP and GSB on educator loan beginning today

The Office of the Welfare Promotion Commission for Teachers and Educational Personnel (OTEP) agreement with the Government Savings Bank (GSB) to cancel its educational personnel assistance payments of 0.5-1 percent and instead have borrowers receive a reduced interest rate starts on June 1.

GSB Director Chatchai Payuhanawichai explained the new agreement is to reward disciplined debtors and is a better approach that benefits the most deserving groups. He indicated disciplined debtors pay between 8-10,000 baht a year per person to the program, a combined up to 2.5 billion baht. The new measure will apply to teachers who want to restructure their debt as well.

The new agreement will initially apply to 400,000 educators. Those who wish to access the benefit must have paid 100 percent of their loan’s value in interest and paid off any residential interest. On top of reduced interest rates, eligible debtors will also be able to request different payment intervals. Those who forego the reduced rate will see a portion of their payments go directly to paying off their principal.

Information and Source
Reporter : Itiporn Lakarnchua
Rewriter : Itiporn Lakarnchua
National News Bureau & Public Relations

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