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<p> </p><p>(a) We estimate the cash value of ICR student loans to follow approximately
this profile going forwards.</p><p> </p><p> </p><p> </p><p>Value of loan book in real
terms</p><p> </p><table><tbody><tr><td><p>2014-15</p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td><td><p>2018-19</p></td><td><p>2019-20</p></td><td><p>2020-21</p></td><td><p>2021-22</p></td><td><p>2022-23</p></td><td><p>2023-24</p></td></tr><tr><td><p>£70bn</p></td><td><p>£80bn</p></td><td><p>£90bn</p></td><td><p>£100bn</p></td><td><p>£110bn</p></td><td><p>£120bn</p></td><td><p>£130bn</p></td><td><p>£140bn</p></td><td><p>£150bn</p></td><td><p>£160bn</p></td></tr><tr><td><p>2024-25</p></td><td><p>2025-26</p></td><td><p>2026-27</p></td><td><p>2027-28</p></td><td><p>2028-29</p></td><td><p>2029-30</p></td><td><p>2030-31</p></td><td><p>2031-32</p></td><td><p>2032-33</p></td><td><p>2033-34</p></td></tr><tr><td><p>£170bn</p></td><td><p>£180bn</p></td><td><p>£190bn</p></td><td><p>£200bn</p></td><td><p>£210bn</p></td><td><p>£220bn</p></td><td><p>£230bn</p></td><td><p>£240bn</p></td><td><p>£250bn</p></td><td><p>£260bn</p></td></tr><tr><td><p>2034-35</p></td><td><p>2035-36</p></td><td><p>2036-37</p></td><td><p>2037-38</p></td><td><p>2038-39</p></td><td><p>2039-40</p></td><td><p>2040-41</p></td><td><p>2041-42</p></td><td><p>2042-43</p></td><td><p>2043-44</p></td></tr><tr><td><p>£260bn</p></td><td><p>£270bn</p></td><td><p>£280bn</p></td><td><p>£280bn</p></td><td><p>£290bn</p></td><td><p>£300bn</p></td><td><p>£300bn</p></td><td><p>£310bn</p></td><td><p>£320bn</p></td><td><p>£320bn</p></td></tr><tr><td><p>2044-45</p></td><td><p>2045-46</p></td><td><p>2046-47</p></td><td><p>2047-48</p></td><td><p>2048-49</p></td><td><p>2049-50</p></td><td><p>
</p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td></tr><tr><td><p>£330bn</p></td><td><p>£330bn</p></td><td><p>£330bn</p></td><td><p>£330bn</p></td><td><p>£330bn</p></td><td><p>£330bn</p></td><td><p>
</p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td></tr></tbody></table><p>
</p><p> </p><p> </p><p>Value of loan book in nominal terms</p><p> </p><table><tbody><tr><td><p>2014-15</p></td><td><p>2015-16</p></td><td><p>2016-17</p></td><td><p>2017-18</p></td><td><p>2018-19</p></td><td><p>2019-20</p></td><td><p>2020-21</p></td><td><p>2021-22</p></td><td><p>2022-23</p></td><td><p>2023-24</p></td></tr><tr><td><p>£70bn</p></td><td><p>£80bn</p></td><td><p>£100bn</p></td><td><p>£110bn</p></td><td><p>£130bn</p></td><td><p>£150bn</p></td><td><p>£170bn</p></td><td><p>£190bn</p></td><td><p>£210bn</p></td><td><p>£230bn</p></td></tr><tr><td><p>2024-25</p></td><td><p>2025-26</p></td><td><p>2026-27</p></td><td><p>2027-28</p></td><td><p>2028-29</p></td><td><p>2029-30</p></td><td><p>2030-31</p></td><td><p>2031-32</p></td><td><p>2032-33</p></td><td><p>2033-34</p></td></tr><tr><td><p>£250bn</p></td><td><p>£270bn</p></td><td><p>£300bn</p></td><td><p>£320bn</p></td><td><p>£350bn</p></td><td><p>£380bn</p></td><td><p>£410bn</p></td><td><p>£440bn</p></td><td><p>£470bn</p></td><td><p>£500bn</p></td></tr><tr><td><p>2034-35</p></td><td><p>2035-36</p></td><td><p>2036-37</p></td><td><p>2037-38</p></td><td><p>2038-39</p></td><td><p>2039-40</p></td><td><p>2040-41</p></td><td><p>2041-42</p></td><td><p>2042-43</p></td><td><p>2043-44</p></td></tr><tr><td><p>£530bn</p></td><td><p>£570bn</p></td><td><p>£600bn</p></td><td><p>£640bn</p></td><td><p>£670bn</p></td><td><p>£710bn</p></td><td><p>£750bn</p></td><td><p>£790bn</p></td><td><p>£830bn</p></td><td><p>£870bn</p></td></tr><tr><td><p>2044-45</p></td><td><p>2045-46</p></td><td><p>2046-47</p></td><td><p>2047-48</p></td><td><p>2048-49</p></td><td><p>2049-50</p></td><td><p>
</p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td></tr><tr><td><p>£920bn</p></td><td><p>£960bn</p></td><td><p>£1,000bn</p></td><td><p>£1,030bn</p></td><td><p>£1,070bn</p></td><td><p>£1,100bn</p></td><td><p>
</p></td><td><p> </p></td><td><p> </p></td><td><p> </p></td></tr></tbody></table><p>
</p><p> </p><p> </p><p>These estimates assume that fees will increase in line with
inflation from 2016 onwards. These forecasts also take account of the freeing up of
student number controls in the Autumn Statement, increases in loan take-up rates,
demographic changes over time and updated earnings modelling.</p><p> </p><p> </p><p>
</p><p> </p><p> </p><p>(b) The government has a stated aim to sell the pre-2012 loan
book. However, the exact programme of sales has yet to be determined. Consequently,
it is not possible to estimate the yearly value of the student loan book after these
sales have taken place.</p><p> </p><p><strong> </strong></p><p> </p><p> </p><p> </p><p>
</p><p> </p><p> </p><p> </p>
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