Data set from Student loan forecasts for England

Resource Accounting and Budgeting (RAB) charge by loan product

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Data set details

Theme
Finance and funding
Publication
Student loan forecasts for England
Release
Financial year 2019-20
Release type
Geographic levels
National
Indicators
  • RAB charge (percentage)
Filters
  • Loan type
  • Plan type of loan
Time period
2018-19 to 2024-25

Data set preview

Table showing first 5 rows, from underlying data
plan_typeloan_typetime_periodpercentagetime_identifiergeographic_levelcountry_codecountry_name
Plan 1Plan 1 loans201819NAFinancial yearNationalE92000001England
Plan 2Higher education full time loans20181947Financial yearNationalE92000001England
Plan 2Higher education part time loans20181941Financial yearNationalE92000001England
Plan 2Advanced Learner Loans20181952Financial yearNationalE92000001England
Plan 3Master's Loans2018190Financial yearNationalE92000001England

Variables in this data set

Table showing all 3 variables
Variable nameVariable description
loan_typeLoan type - Filter by loan type
percentageRAB charge (percentage)
plan_typePlan type of loan - Filter by plan type

Footnotes

  1. Figures have been rounded to the nearest 1%.
  2. 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.
  3. Doctoral loans were introduced in August 2018.
  4. 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.
  5. Coverage: Borrowers who received loans as English domiciled students studying in the UK or as EU domiciled students studying in England.
  6. The RAB charge is the proportion of loan outlay made during the financial year that we expect not to be repaid when future repayments are valued in present terms.
  7. Master's loans were introduced in August 2016.
  8. RAB charges cannot be negative as they measure the level of government subsidy to the student loan system. If 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, the RAB charge is required to use a discount rate. This discount rate is equal to the rate intrinsic to the loan product, which is the rate that sets the RAB charge to 0%. See the methodology document accompanying this publication for further information. Without this rule, the master's RAB charge forecast by the student loan repayment model when using the HMT discount rate is -4% for financial year 2019-20.
  9. Doctoral loans are a new loan product introduced in academic year 2018/19, and are 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 that also take 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. Instead, a "steady state" doctoral RAB charge is provided for financial year 2019-20, which takes into account the expectation that many borrowers will already have a master's loan that they are repaying. The steady state doctoral RAB charge displayed for 2018-19 is taken from the previous student loan forecasts release in June 2019.
  10. 2018-19 RAB charges have been provided from the previous release in June 2019. 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, stock charge and percentage of borrowers expected to fully repay their student loans. This should be considered when comparing the 2018-19 figures to the remaining forecasts.
  11. 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.

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