Table 3 Forecast student loan outlay, repayments, capitalised interest accrued by loan borrowers and cancelled loans, by loan product
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Forecast student loan outlay, repayments, capitalised interest accrued by loan borrowers and cancelled loans, by loan product
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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
- Loan outlay
- Repayments
- Capitalised interest
- Filters
- Plan type of loan
- Loan type
- Time period
- 2023-24 to 2028-29
Data set preview
| plan_type | loan_type | outlay_£m | repayments_£m | capitalised_interest_£m | cancelled_loans_£m | time_period | time_identifier | geographic_level | country_code | country_name |
|---|---|---|---|---|---|---|---|---|---|---|
| Plan 1 | Plan 1 loans | low | 2070 | 2000 | 35 | 202324 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1720 | 1780 | 50 | 202425 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1520 | 980 | 65 | 202526 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1405 | 660 | 65 | 202627 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1305 | 815 | 70 | 202728 | Financial year | National | E92000001 | England |
Variables in this data set
| Variable name | Variable description |
|---|---|
| cancelled_loans_£m | Cancelled loans |
| capitalised_interest_£m | Capitalised interest |
| loan_type | Loan type - Filter by loan type |
| outlay_£m | Loan outlay |
| plan_type | Plan type of loan - Filter by plan type |
Footnotes
- Coverage: All borrowers who receive 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.
- The outlay model only forecasts students as receiving loans up to six years after entering higher education; therefore no Plan 1 outlay is forecasted. However, there are some exceptional cases where students may still be paid a Plan 1 loan across our forecast horizon, for example, if they had suspended their studies.
- Financial year 2023-24 outlay figures are actuals as published by the Student Loans Company (https://www.gov.uk/government/statistics/student-loans-in-england-2023-to-2024 (opens in a new tab)) with the exception of Advanced Learner Loans Plan 2 and Plan 5 outlay.
- 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
- Repayment forecasts assume that PAYE obligatory repayments are made in the same year in which the borrower had the income on which they are based. In reality some repayments made through PAYE will be received the following year, particularly repayments based on earnings in the final month of the year.
- Plan 1 loans include unsold, retained and loans sold at both sale 1 and sale 2. For more information on the loan sales, go to: Sale 1: https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-12-06/HCWS317 (opens in a new tab) Sale 2: https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-12-04/HCWS1137 (opens in a new tab).
- No overpayments or refunds are modelled for borrowers that fully repay their loans; it is assumed that all borrowers finish making repayments once their loan balance reaches £0. In reality some borrowers overpay their loans, particularly if making repayments via HMRC, and are entitled to receive refunds.
- Outlay, repayments, capitalised interest and cancelled loans figures have been rounded to the nearest £5 million.
- Where you see the symbol 'z' this refers to not applicable.
- Where you see ‘low’ this refers to figures which round to 0, but are not 0.
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