Table 9: Average loan balance at Statutory Repayment Due Date (SRDD), average loan balance at SRDD in FY2023-24 prices, average lifetime repayments in FY2023-24 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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Average loan balance at Statutory Repayment Due Date (SRDD), average loan balance at SRDD in FY2023-24 prices, average lifetime repayments in FY2023-24 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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Data set details
- Theme
- Finance and funding
- Publication
- Student loan forecasts for England
- Release
- Financial year 2023-24
- Release type
- Geographic levels
- National
- Indicators
- Average loan balance at SRDD (nominal)
- Average loan balance at SRDD (in FY2023-24 prices)
- Average lifetime repayments (in FY2023-24 prices)
- Filters
- Lifetime Earnings Decile
- Time period
- 2023/24
Data set preview
| lifetime_earnings_decile | average_loan_balance_at_srdd_nominal | average_loan_balance_at_srdd_in_fy2324_prices | average_lifetime_repayments_in_fy2324_prices | median_years_liable_to_repay | proportion_of_outlay_repaid_real_terms | time_period | time_identifier | geographic_level | country_code | country_name |
|---|---|---|---|---|---|---|---|---|---|---|
| Entire cohort | 43700 | 37600 | 26800 | 31 | 71 | 202324 | Academic year | National | E92000001 | England |
| 1 | 43000 | 37000 | 4000 | 40 | 11 | 202324 | Academic year | National | E92000001 | England |
| 2 | 43300 | 37300 | 8800 | 40 | 24 | 202324 | Academic year | National | E92000001 | England |
| 3 | 41700 | 36000 | 14500 | 40 | 40 | 202324 | Academic year | National | E92000001 | England |
| 4 | 42700 | 36800 | 21400 | 40 | 58 | 202324 | Academic year | National | E92000001 | England |
Variables in this data set
| Variable name | Variable description |
|---|---|
| average_lifetime_repayments_in_fy2324_prices | Average lifetime repayments (in FY2023-24 prices) |
| average_loan_balance_at_srdd_in_fy2324_prices | Average loan balance at SRDD (in FY2023-24 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 receive undergraduate loans through Student Finance England. For further details on eligibility, please see the Student Finance England practitioner website: https://www.practitioners.slc.co.uk/products.
- 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
- Mean averages are taken per loan (rather than per borrower). One borrower can take multiple loans across multiple periods of study, for example by taking a PGCE after an undergraduate degree.
- Data covers all full-time and part-time undergraduate borrowers starting in academic year 2023/24 under Plan 5 only. A small number of undergraduate borrowers starting in academic year 2023/24 will have differed entry and may be under Plan 2.
- Median years liable to repay, includes borrowers in active repayment of loan debt including and interest charged on the balance of the loan.
- These deciles do not align with earnings deciles for the population in general. They refer to the projected lifetime earnings for graduates only.
- 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. Borrowers studying part time, reach SRDD on the earlier of, the start of the tax year following them ceasing to be eligible for student support, or the start of the tax year following the 4th anniversary of the start of their course.
- 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 2023-24 prices have been calculated using OBR forecasts for RPI.
- Monetary average figures have been rounded to the nearest £100.
- Proportions have been rounded to the nearest 1%.
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