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Written question asked by Nicholas Dakin (Labour) on Monday, 5 December 2011, in the House of Commons. It was due for an answer on Tuesday, 20 December 2011. It was answered by John Hayes (Conservative) on Tuesday, 20 December 2011 on behalf of the Department for Business, Innovation and Skills.

Students: Loans

Question
To ask the Secretary of State for Business, Innovation and Skills what estimate he has made of the average debt owed to the Student Loans Company by students graduating in (a) 2011, (b) 2010, (c) 2009, (d) 2008 and (e) 2007.
Answer

The average debt accumulated by borrowers who graduated (or otherwise left their course) in years 2007-10 is shown in the following table. Figures come from table 3(iii) of the Official Statistics: ““Income Contingent repayments by repayment cohort and tax year 2000/01 to 2009/10 inclusive (provisional)”” available on the Student Loans Company (SLC) website at:"http://www.slc.co.uk/media/77960/SLCOSP022011.pdf"

Graduation/withdrawal year Average amount of debt outstanding (£)
2007 10,870
2008 11,770
2009 14,690
2010 17,240
Source:
SLC

The figures above relate to the average outstanding debt at the beginning of the tax year when borrowers became liable to repay. Figures take into account repayments made, loans cancelled because of death or permanent disability and accrued interest in advance of the Statutory Repayment Due Date (SRDD).The latest forecast of the average debt at SRDD in April 2012 for 2011 graduates/withdrawals is £17,500, to the nearest £500. This figure is subject to change due to interest being added, early repayments being made and borrowers who are currently counted in later repayment cohorts withdrawing from their courses before April 2012.

Secondary information

Type
Written question
Reference
85524; 537 c1207-8W
Session
2010-12
Subjects
Loans Students
Contains statistics
Yes
Link
View this Written question on www.publications.parliament.uk