Table 3: Forecast student loan outlay, repayments, capitalised interest accrued by loan borrowers and cancelled loans, by loan product
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Forecast of student loan outlay, repayments, capitalised interest and cancelled loans between 2022-23 and 2027-28 in £ million.
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Data set details
- Theme
- Finance and funding
- Publication
- Student loan forecasts for England
- Release
- Financial year 2022-23
- Release type
- Geographic levels
- National
- Indicators
- Cancelled loans
- Capitalised interest
- Loan outlay
- Filters
- Loan type
- Plan type of loan
- Time period
- 2022-23 to 2027-28
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 | 1920 | 1145 | 25 | 202223 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1910 | 1740 | 55 | 202324 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1565 | 1500 | 55 | 202425 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1430 | 580 | 65 | 202526 | Financial year | National | E92000001 | England |
| Plan 1 | Plan 1 loans | z | 1330 | 370 | 70 | 202627 | 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: Borrowers who received loans as English domiciled students studying in the UK or as EU domiciled students studying in England.
- 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.
- 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.
- The outlay model only forecasts students as receiving loans up to six years after they entered higher education; therefore no Plan 1 outlay is forecasted in financial year 2023-24 onwards. However, there are some exceptional cases where students may still be paid a Plan 1 loan later than this, for example, if they had suspended their studies.
- 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 Sale 2: https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2018-12-04/HCWS1137
- 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.
- 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
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