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Student Loans Company

Volume 164: debated on Monday 8 January 1990

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To ask the Secretary of State for Education and Science how may people are likely to be employed by the Government to run the Student Loans Company.

Some 130 people are likely to be employed by the Student Loans Company by December 1990. There will be some increase in numbers thereafter as the collections department staff are employed and take-up is known.

To ask the Secretary of State for Education and Science if he will estimate profit levels for the Student Loans Company in each of the next 10 years.

The Student Loans Company will operate at cost. Any income will be offset against the administration costs which will be met by the Government.

To ask the Secretary of State for Education and Science if he will estimate the cost to the Government of running the Student Loans Company for (a) 1990, (b) 1991, (c) 1992, (d) 1993, (e) 1994 and (f) 1995.

The annual administrative costs of the Student Loans Company will be in the order of £10 million to £20 million.

To ask the Secretary of State for Education and Science what is the estimated cost of transferring the Student Loans Company into the hands of the Government.

The Government have purchased the shares of the Student Loans Company Limited at a total cost of £10. The banks agreed to make a contribution of £500,000 towards the preparatory costs of the student loans scheme.

To ask the Secretary of State for Education and Science whether the Government intend to appoint a chairman of the Student Loans Company.

An official of the Department of Education and Science has been appointed chairman of the Student Loans Company.