Published on November 16, 2007
SLF has been aiming to develop a new and more efficient loan application procedure so that funds reach both students and educational institutes faster. The result is the e-student loan system, Thada said.
It is expected that the new system would support more than 800,000 loan applications made in the next academic year.
The system, operated via www.studentloan.or.th, will reduce time and steps in the loan application procedure and prevent delays, he said. It will also create an online database for the SLF and Krungthai Bank to ensure a swifter disbursement to students and educational institutes. In the new loan system, both old and new loan recipients can fill in an online application form by observing these steps. First, apply for membership using one's own ID card number as a username and create a password, before logging onto the system.
Second, fill in an application form, opting for higher secondary, vocational and undergraduate levels and choosing types of loan objectives such as tuition fees, educational expenses and/or living expenses, before submitting the form.
Third, after the loan has been approved by the system, the student can proceed to the e-contract section, after which Krungthai Bank, having received the loan recipient's online information, will transfer the money to the student or the educational institution right away.
Earlier this year, there were loud complaints from students and educational institutes over the time it took for the SLF to transfer money. News reports told of student suicides allegedly resulting in part from the delays.