Student Loan Book: Sale

Debate between Ruth George and Sam Gyimah

Thursday 11th October 2018 Commons Chamber

[Mr Gyimah]

I thank the hon. Gentleman for that promotion, but I am not the Secretary of State. If he is willing to lobby the Treasury on my behalf, I would be delighted if all this money were to be spent on education.

[Ruth George (High Peak) (Lab)]

The value of these loans is raised by the extortionate interest rate being charged to ex-students—at 3% above the retail prices index, it is currently 6.1%, which is far higher than the rate for any other loan available on similar terms. Have the Government made an assessment of the impact of these loans and repayments on young people’s ability to find housing, buy a home and get a secure financial future?

[Mr Gyimah]

These loans are earlier loans and not affected by the current interest rate policy. I make it absolutely clear that whoever buys the loans cannot alter the terms of the loan. The post-18 review is looking at interest rates on existing loans, as well as a number of other aspects of the student finance system.

Oral Answers to Questions

Debate between Ruth George and Sam Gyimah

Tuesday 1st May 2018 Commons Chamber

[The Minister for Universities, Science, Research and Innovation (Mr Sam Gyimah)]

The Government have created the £10 million degree apprenticeship development fund to support the development of infrastructure across England and to raise awareness of apprenticeships, among other aims. A degree apprenticeships website has been created by the National Apprenticeship Service and UCAS to highlight vacancies.

[Ruth George (High Peak) (Lab)]

T10. Businesses in my constituency are extremely concerned that they will see more bureaucracy when we move out of the European Union. What is the Department doing to make sure that the UK will continue to be part of the single euro payments area, and also the VAT information exchange system, which my local businesses say is absolutely vital to keep them being able to pay and do business?