Table 4b: Resource Accounting and Budgeting (RAB) charge by loan product
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RAB charge in % between 2018-19 and 2025-26 by loan product.
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Data set details
- Theme
- Finance and funding
- Publication
- Student loan forecasts for England
- Release
- Financial year 2020-21
- Release type
- Geographic levels
- National
- Indicators
- RAB charge
- Filters
- Loan type
- Plan type of loan
- Time period
- 2018-19 to 2025-26
Data set preview
| plan_type | loan_type | time_period | rab_charge | time_identifier | geographic_level | country_code | country_name |
|---|---|---|---|---|---|---|---|
| Plan 1 | Plan 1 loans | 201819 | : | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | 201920 | : | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | 202021 | : | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | 202122 | : | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | 202223 | : | Financial year | National | E92000001 | England |
Variables in this data set
| Variable name | Variable description |
|---|---|
| loan_type | Loan type - Filter by loan type |
| plan_type | Plan type of loan - Filter by plan type |
| rab_charge | RAB charge |
Footnotes
- Master's loans were introduced in August 2016.
- The RAB charge is the proportion of loan outlay made during the year that we expect not to be repaid when future repayments are valued in present terms.
- Doctoral loans were introduced in August 2018.
- 2018-19 and 2019-20 RAB charges have been provided from the previous release in September 2020. Since the last release, there have been revisions to the data, economic assumptions, policies and modelling methodology used within the student finance forecasting models. These changes will all contribute to varying degrees to any changes across time in our forecasts of figures such as the RAB charge. This should be considered when comparing the 2018-19 and 2019-20 figures to the remaining forecasts.
- Doctoral loans are a new loan product introduced in academic year 2018/19, on the same repayment plan as Master's loans which were introduced in 2016/17. The RAB charge is dependent on the proportion of Doctoral loan borrowers also taking out Master's loans. Doctoral RAB charges are not forecast for individual financial years, as the number of doctoral students with a prior Master's loan balance cannot be reliably estimated. However, a steady state Doctoral RAB charge is provided which takes into account the expectation that many borrowers will already have a Master's loan that they are repaying.
- The decision was made to no longer forecast a RAB charge for Plan 1 loans as there are too few borrowers still receiving these to produce a reliable forecast.
- Coverage: Borrowers who received loans as English domiciled students studying in the UK or as EU domiciled students studying in England
- Plan 2 loans were introduced in place of Plan 1 loans for new entrants to higher education from September 2012. Part-time higher education fee loans were introduced at the same time and part-time maintenance loans were introduced in August 2018.
- RAB charges cannot be negative as they measure the level of government subsidy to the student loan system. If the future repayments are forecast to have a higher net present value than the initial loan outlay or the face value of the outstanding loans using the HM Treasury (HMT) discount rate then the RAB charge is required to use a discount rate equal to the rate intrinsic to the loan product, which is the rate that sets the RAB charge to 0%. See the quality and methodology information document accompanying this publication for further information. Without this rule, the figure produced by the student loan repayment model using the HMT discount rate is -4% for the RAB charge in 2020-21.
- Advanced Learner Loans were introduced for students aged 24+ on some further education courses in August 2013, and extended to students aged 19-23 in August 2016.
- Figures have been rounded to the nearest 1%.
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