Over two decades ago, Professors Medhi Krongkaew and Bruce Chapman began a journey aimed at reforming the regressive and costly student loan policy in Thailand, known as the Student Loan Fund (SLF). Their goal was to have Thailand abandon this policy and replace it with a version of the Australian income contingent loan policy, known as HECS. Since then Professor Chapman, with a series of Thai ANU PhD students and academics from Thailand, used econometric tools and other research to illustrate the problems with the SLF. Professor Medhi organised many forums and workshops in Thailand which involved the presentation of this work from Professor Chapman and his colleagues. Three months ago the Thai government passed a new law on the SLF which could lead to a real reform of the SLF and turn it into a truly income contingent loan. The seminar will present the economic theory and econometric work behind this reform, and discuss and explain the political issues pertinent to the change in Thai policy.