Skip to main content

Students: Loans

Volume 507: debated on Monday 8 March 2010

To ask the Minister of State, Department for Business, Innovation and Skills what estimate he has made of the (a) monetary value of and (b) amount of interest incurred in respect of student loans in each year since 2004-05. (321116)

The following table provides the total monetary value of both Mortgage Style and Income Contingent Loans and the amount of interest applied. The number of student loan borrowers has increased each year since loans were introduced in 1990, and it is therefore expected that the loan balance will increase annually. The increase is also due to the introduction of loans for tuition fees in 2006/07.

Student loan balance and interest applied: England1

£ million

Financial year

Loan balance2

Interest applied3

2004-05

13,033.4

254.0

2005-06

15,328.1

330.9

2006-07

18,125.5

394.3

2007-08

21,953.2

585.6

2008-09 (provisional)

25,972.4

759.5

1English domiciled students studying in the UK and El) students studying in England.

2Loan balance at end of each financial year.

3Interest applied during the financial year.

Source:

Student Loans Company