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Students: Loans

Volume 491: debated on Wednesday 22 April 2009

To ask the Secretary of State for Innovation, Universities and Skills (1) how many graduates were paying back a proportion of their student loans in each of the last five years; (269117)

(2) how much the Student Loans Company received in interest on student loans in each of the last five years;

(3) what the total amount of outstanding student loans was (a) in each of the last five years and (b) on the latest date for which figures are available;

(4) how much the Student Loans Company received in student loan repayments in each of the last five years;

(5) how many student loan debts were outstanding (a) in each of the last five years and (b) on the latest date for which figures are available;

(6) how many student loans were repaid in full in each of the last three years.

[holding answer 20 April 2009]: The Statistical First Release Student Loans for Higher Education in England, Financial Year 2007-08 (Provisional) includes figures of mortgage-style loan borrowers paying back loans and up to date or ahead with repayments, interest added to all loans and all loans repaid in full. This document is published by the Student Loans Company and available on the SLC website at:

www.slc.co.uk/pdf/slcsfr022008.pdf

Income-contingent borrowers repaying a proportion of their student loan by financial year1

England

2005-06

2006-07

2007-08 (provisional)

Above earnings threshold2

194,300

253,200

374,700

Below earnings threshold at year end but have made repayments via the tax system during the last year3

59,500

111,400

152,100

Total

253,800

364,600

526,800

1 Borrowers are shown by their known status at the end of the financial year. The SLC are notified of borrowers repayments by HMRC, usually within one year of the end of the tax year they relate to. Therefore in addition to those borrowers shown in the table there may have been other borrowers making repayments that SLC had not yet been informed of at the time the data was captured. Consistent data are not available for earlier years.

2 Borrowers for whom the latest tax year return indicates they are above the earnings threshold for repayment.

3 Those whose earnings fluctuated during the year and who have therefore made repayments in some months but have earnings below the threshold at the end of the financial year.

Source:

Student Loans Company.

The value of outstanding loans is shown in the following table:

Student loans balance outstanding at end of financial year

£ million

England1

Income-contingent

Mortgage-style

Total

2003-04

9,270.0

1,606.6

10,876.6

2004-05

11,623.5

1,410.0

13,033.4

2005-06

14,101.4

1,226.7

15,328.1

2006-07

17,045.7

1,079.8

18,125.5

2007-08 (provisional)

20,981.9

971.3

21,953.2

1 English domiciled students studying in the UK and EU students studying in England.

Source:

Student Loans Company.

The value of outstanding income-contingent loans has increased year-on-year because these loans were first introduced in 1998, and tuition fee loans became available for the first time from 2006-07.

The Student Loans Company received the following repayments:

Student loans repayments by financial year

£ million

England1

Income-contingent

Mortgage-style

Total

2003-042

348.0

2004-052

417.3

2005-06

268.4

213.2

481.6

2006-07

359.2

170.7

529.8

2007-08 (provisional)

494.2

139.3

633.5

1 English domiciled students studying in the UK and EU students studying in England.

2 Split of income-contingent and mortgage-style loan repayments not available for 2003-04 and 2004-05.

Source:

Student Loans Company.

The number of student loan debts outstanding are shown in the following table:

Number of student loanborrowers at the end of each financial year1

England2

Income-contingent

Mortgage-style

All loans3

2004-05

1,581,100

526,500

2,081,200

2005-06

1,831,300

459,600

2,263,800

2006-07

2,089,600

394,700

2,458,000

2007-08 (provisional)

2,359,800

341,300

2,676,100

1 Includes those who are not yet required to make repayments. Consistent data are not available for earlier years.

2 English domiciled students studying in the UK and EU students studying in England.

3 Some borrowers have both types of loan, therefore the All loans column is not a sum of the preceding columns.

Source:

Student Loans Company.

Figures on mortgage-style loans throughout the answer exclude the portfolios of loans sold to the private sector in 1998 and 1999.