Data set from Student loan forecasts for England

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

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

Table showing first 5 rows, from underlying data
plan_typeloan_typeoutlay_£mrepayments_£mcapitalised_interest_£mcancelled_loans_£mtime_periodtime_identifiergeographic_levelcountry_codecountry_name
Plan 1Plan 1 loanslow2070200035202324Financial yearNationalE92000001England
Plan 1Plan 1 loansz1720178050202425Financial yearNationalE92000001England
Plan 1Plan 1 loansz152098065202526Financial yearNationalE92000001England
Plan 1Plan 1 loansz140566065202627Financial yearNationalE92000001England
Plan 1Plan 1 loansz130581570202728Financial yearNationalE92000001England

Variables in this data set

Table showing first 5 of 6 variables
Variable nameVariable description
cancelled_loans_£mCancelled loans
capitalised_interest_£mCapitalised interest
loan_typeLoan type - Filter by loan type
outlay_£mLoan outlay
plan_typePlan type of loan - Filter by plan type

Footnotes

  1. 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.
  2. 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.
  3. Financial year 2023-24 outlay figures are actuals as published by the Student Loans Company (<a href="https://www.gov.uk/government/statistics/student-loans-in-england-2023-to-2024">https://www.gov.uk/government/statistics/student-loans-in-england-2023-to-2024</a>) with the exception of Advanced Learner Loans Plan 2 and Plan 5 outlay.
  4. A summary timeline of introduction of different plan types is available in Table 1.1 in the Methodology: <a href="https://explore-education-statistics.service.gov.uk/methodology/student-loan-forecasts-for-england-methodology">https://explore-education-statistics.service.gov.uk/methodology/student-loan-forecasts-for-england-methodology</a>
  5. 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.
  6. 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: <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-12-06/HCWS317">https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2017-12-06/HCWS317</a> Sale 2: <a href="https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-12-04/HCWS1137">https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-12-04/HCWS1137</a>. 
  7. 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.
  8. Outlay, repayments, capitalised interest and cancelled loans figures have been rounded to the nearest £5 million.
  9. Where you see the symbol 'z' this refers to not applicable.
  10. Where you see ‘low’ this refers to figures which round to 0, but are not 0.

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