Mar. 14 2008
Source Page: Table showing list of HMRC learning products used by staff 2007-08. 46 p.Found: finance : financial Institutions and foreign exchange pre FA2002 e-learningCorporate finance : post
Asked by: Angus MacDonald (Liberal Democrat - Inverness, Skye and West Ross-shire)
Question to the Department for Education:
To ask the Secretary of State for Education, what assessment she has made of the prevalence of outstanding student loan balances increasing despite repayments being made as a result of high interest charges; and whether her Department is taking steps to review student loan interest rates to ensure excessive financial burdens are not imposed on borrowers.
Answered by Janet Daby - Parliamentary Under-Secretary (Department for Education)
As education is a devolved issue, the following response outlines the student finance system in England only.
Interest rates on student loans do not affect monthly repayments made by borrowers. Repayments are based on earnings above the applicable repayment threshold, not on amount borrowed or the rate of interest. As such, some borrowers will see their balance increasing at certain times despite making regular repayments to their student loan.
Student loans have very different terms and conditions to commercial loans. Unlike commercial unsecured personal loans, student loans are available to all eligible students regardless of their background or financial history. Student loans also carry significant protections for borrowers. For instance, monthly repayments are based only on earnings, and if a borrower’s income drops, so does the amount they repay. If income is below the relevant repayment threshold or a borrower is not earning, they do not have to make repayments at all. Any outstanding debt, including interest accrued, is written off after the loan term ends (or in case of death or disability) at no detriment to the borrower. The government is not aware of any commercial loans that offer such protections.
Asked by: Callum Anderson (Labour - Buckingham and Bletchley)
Question to the Department for Education:
To ask the Secretary of State for Education, what steps her Department is taking to provide financial education in schools.
Answered by Catherine McKinnell - Minister of State (Education)
Financial education currently forms a compulsory part of the National Curriculum for mathematics (at key stages 1 to 4) and citizenship (at key stages 3 and 4). The primary mathematics curriculum includes arithmetic knowledge that supports pupils’ ability to manage budgets and money, including, for example, calculations with money and percentages. In secondary mathematics, pupils are taught topics such as how to calculate compound interest, which is relevant for personal finance. In citizenship, pupils are taught the function and uses of money, how to budget and manage credit and debt, as well as concepts like insurance, savings and pensions.
High and rising school standards are at the heart of the government’s mission to break down barriers to opportunity and give every child the best start in life. The government‘s ambition is for a broad, rich and cutting-edge curriculum that equips children and young people with the essential knowledge and skills required to thrive as citizens, in work and throughout life. This is why the government announced a Curriculum and Assessment Review on 19 July 2024, chaired by Professor Becky Francis CBE.
The review will be undertaken in close consultation with education professionals and other experts, parents, children and young people, and stakeholders. A call for evidence will be launched in the coming weeks, to direct the focus of engagement with the sector and stakeholders over the autumn term.
Following the independent review, the government will legislate to require all state schools teach the reformed national curriculum. This will give parents certainty over the core of their children’s education.
Oct. 07 2024
Source Page: Scottish personal debt solution analysis: FOI releaseFound: Scottish personal debt solution analysis: FOI release
Found: Bankruptcy and Diligence (Scotland) Bill - consideration prior to Stage 3
Asked by: Claire Hazelgrove (Labour - Filton and Bradley Stoke)
Question to the Department for Education:
To ask the Secretary of State for Education, what steps she is taking to ensure adequate levels of financial education in schools.
Answered by Catherine McKinnell - Minister of State (Education)
Financial education currently forms a compulsory part of the National Curriculum for mathematics (at key stages 1 to 4) and citizenship (at key stages 3 and 4). The primary mathematics curriculum includes arithmetic knowledge that supports pupils’ ability to manage budgets and money, including, for example, calculations with money and percentages. In secondary mathematics, pupils are taught topics such as how to calculate compound interest, which is relevant for personal finance. In citizenship, pupils are taught the function and uses of money, how to budget and manage credit and debt, as well as concepts like insurance, savings and pensions.
High and rising school standards are at the heart of the government’s mission to break down barriers to opportunity and give every child the best start in life. The government‘s ambition is for a broad, rich and cutting-edge curriculum that equips children and young people with the essential knowledge and skills required to thrive as citizens, in work and throughout life. This is why the government announced a Curriculum and Assessment Review on 19 July 2024, chaired by Professor Becky Francis CBE.
The Curriculum and Assessment Review group has launched a call for evidence. The review group has set out a number of key questions and themes where it would particularly welcome evidence and input from the sector and stakeholders to help direct the focus of the review and engagement with the sector over the autumn term.
The views of young people, parents, teachers, lecturers, leaders and other education staff and experts are pivotal to the recommendations, so that the panel can draw on the wealth of expertise and experience across the sector. Anyone can access and respond to the call for evidence.
Mar. 11 2024
Source Page: Debt Fairness CharterFound: Debt Fairness Charter
Jul. 07 2008
Source Page: Helping you make the most of your money: a joint action plan for financial capability. 30 p.Found: and guidance on money to boost their skills and 1.1 Debt advice Specialised debt advice will help
Jul. 09 2009
Source Page: Long-term public finance report: an analysis of fiscal sustainability. 64 p.Found: Long-term public finance report: an analysis of fiscal sustainability. 64 p.
Mar. 11 2024
Source Page: Debt Fairness CharterFound: Debt Fairness Charter