[holding answer 7 July 2009]: HM Revenue and Customs (HMRC) collect Student Loan repayments for Income Contingent Loans via PAYE and Self-Assessment (SA) on behalf of the Department for Business, Innovation and Skills. The amount of Student Loan repayments reported to the Student Loans Company in each of the previous three years are:
£ 2006-07 2007-08 2008-09 PAYE 266,422,888 382,664,259 584,031,106 SA 12,570,060 16,783,566 30,947,313 Total 278,992,948 399,447,825 614,978,419
These amounts include some deductions for previous years which have been reported in the tax years above. In certain circumstances, the amounts due to HMRC are received after they have been reported. These repayments are included in the table.
The amount of Student Loan repayments is increasing over time due to the increase in the number of graduates who have taken up Income Contingent Loans and have entered employment.