Data set from Student loan forecasts for England

Table 9: Average loan balance at Statutory Repayment Due Date (SRDD), average loan balance at SRDD in FY2022-23 prices, average lifetime repayments in FY2022-23 prices, median years liable to repay, and proportion of loan outlay repaid in real terms of undergraduate borrowers, by lifetime decile

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Published 29 June 2023

Last updated 29 June 2023

Average loan balance at Statutory Repayment Due Date (SRDD), average loan balance at SRDD in FY2022-23 prices, average lifetime repayments in FY2022-23 prices, median years liable to repay, and proportion of loan outlay repaid in real terms of undergraduate borrowers, by lifetime decile

Data set details

Theme: Finance and funding
Publication: Student loan forecasts for England
Release: Financial year 2022-23
Release type
Geographic levels: National
Indicators: Average lifetime repayments (in FY22-23 prices)
Average loan balance at SRDD (in FY 22-23 prices)
Average loan balance at SRDD (nominal)
Filters: Lifetime Earnings Decile
Time period: 2022/23 to 2023/24

Data set preview

Table showing first 5 rows, from underlying data
lifetime_earnings_decile	average_loan_balance_at_srdd_nominal	average_loan_balance_at_srdd_in_fy2223_prices	average_lifetime_repayments_in_fy2223_prices	median_years_liable_to_repay	proportion_of_outlay_repaid_real_terms	time_period	time_identifier	geographic_level	country_code	country_name
Entire cohort	45600	36900	24700	30	72	202223	Academic year	National	E92000001	England
1	44400	36000	2200	30	7	202223	Academic year	National	E92000001	England
2	45700	37000	5400	30	16	202223	Academic year	National	E92000001	England
3	44000	35600	8900	30	27	202223	Academic year	National	E92000001	England
4	44500	36100	13400	30	40	202223	Academic year	National	E92000001	England

Variables in this data set

Table showing first 5 of 6 variables
Variable name	Variable description
average_lifetime_repayments_in_fy2223_prices	Average lifetime repayments (in FY22-23 prices)
average_loan_balance_at_srdd_in_fy2223_prices	Average loan balance at SRDD (in FY 22-23 prices)
average_loan_balance_at_srdd_nominal	Average loan balance at SRDD (nominal)
lifetime_earnings_decile	Lifetime Earnings Decile - Filter by lifetime earnings decile
median_years_liable_to_repay	Median years liable to repay

Footnotes

Coverage: Borrowers who received loans as English domiciled students studying in the UK or as EU domiciled students studying in England.
Monetary figures have been rounded to the nearest £100.
Averages are taken over loans (rather than over borrowers).
Plan 2 figures include full time and part time Plan 2 loans. Similarly Plan 5 figures include full time and part time Plan 5 loans.
These deciles do not align with earnings deciles for the population in general.
For higher earnings deciles the Plan 5 figures for 'proportion of outlay repaid in real terms' slightly exceed 100% even though interest is set in line with RPI. This is because the interest is set to RPI on a 1 year lag whereas discounting is based on unlagged RPI.
Loan borrowers normally become liable to begin repaying a loan at the start of the tax year (6 April) after graduating or otherwise leaving their course, this point is known as their Statutory Repayment Due Date (SRDD). After their SRDD, borrowers are required to make repayments if their income is above the repayment threshold.
Years liable to repay measures the time between SRDD and either loan write-off or the loan being fully repaid.
Lifetime earnings are considered as all earnings between SRDD and 50 years after SRDD, normalised using average earnings growth indices.
Values in 2022-23 prices have been calculated using OBR forecasts for RPI.
A summary timeline of introduction of different plan types is available in table 1.1 in the Methodology. https://explore-education-statistics.service.gov.uk/methodology/student-loan-forecasts-for-england-methodology

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Table 9: Average loan balance at Statutory Repayment Due Date (SRDD), average loan balance at SRDD in FY2022-23 prices, average lifetime repayments in FY2022-23 prices, median years liable to repay, and proportion of loan outlay repaid in real terms of undergraduate borrowers, by lifetime decile​

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