Student Loans
Debate between Viscount Younger of Leckie and Lord Stirrup
Viscount Younger of Leckie
That is a question which I am not going to be drawn into answering. However, the interest rates are very much set and as I have said before, they are kept under constant review. A review of higher education funding will be forthcoming.
Lord Stirrup (CB)
My Lords, have the Government assessed whether there would be any material difference in the sums repaid to Her Majesty’s Treasury over the decades if the interest rates were set at a less usurious level?
Viscount Younger of Leckie
I am sure those figures have been drawn out but I do not have them with me. However, 98% of all borrowers who entered repayment in April 2015 or earlier have fully repaid or are meeting their repayment obligations. That is testament to the fact that the payment-at-source system, working closely with HMRC, is working well.