Students: Loans
(asked on 5th January 2016) - View Source
Question
To ask the Secretary of State for Business, Innovation and Skills, pursuant to the Answer of 17 December 2015 to Question 20062, what estimate his Department has made of the total value of student loans likely to be written off in each year between 2025 and 2036; and if he will make a statement.
More people than ever before are now able to benefit from higher education, and the student loan system ensures that access to finance should not be a barrier to participation.
For students starting their Higher Education course prior to the 2020-21 academic year the nominal value of student loans that are expected to be written off in each of the financial years 2025-26 to 2036-37 are as follows:
Financial year | 2025-26 | 2026-27 | 2027-28 | 2028-29 | 2029-30 | 2030-31 | 2031-32 | 2032-33 | 2033-34 | 2034-35 | 2035-36 | 2036-37 |
Write-off amount (nominal; £m) | 480 | 460 | 480 | 530 | 570 | 610 | 670 | 640 | 710 | 1,160 | 1,550 | 1,660 |
Source: BIS Student Loan Repayment Model. Figures are rounded to the nearest £10m.
This table includes loans written-off owing to any of the following circumstances: a) if the loan borrower started their Higher Education course prior to 2006-07 academic year and has reached the age of 65; b) the borrower has died; c) the borrower becomes disabled and is permanently unable to work; or d) if the loan borrower started their Higher Education course between 2006-07 and 2011-12 academic years and 25 years have passed since the borrower became eligible to repay.