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Students: Loans

Volume 475: debated on Monday 28 April 2008

To ask the Secretary of State for Innovation, Universities and Skills how many people making repayments of a student loan are yet to receive an updated statement, including details of repayments made in the 2004-05 tax year, due to delays in HM Revenue and Customs processing employer returns for that tax year; and if he will make a statement. (188035)

The Student Loans Company updates individual accounts and provides borrowers with an updated statement within a month of receiving details of borrowers' repayments from Her Majesty's Revenue and Customs (HMRC).

Repayments are linked to income, so it is not possible to know precisely how many borrowers have earned over the income threshold during a particular financial year until all employers' annual returns for student loan borrowers have been received, and the student loan repayments for every individual borrower have been processed. For the tax year 2004-05 HMRC has passed to the SLC repayment information for some 649,148 borrowers, against a projected range of 600,000 to 650,000 borrowers.