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1702000

registered interest
date	17/04/2024
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government what is the current value of the resource accounting and budgeting charge for student finance.
tabling member printed	Baroness Taylor of Bolton
uin	HL3915
answer	answer is ministerial correction date of answer 01/05/2024 answer text <p>In the 2022/23 financial year, the Resource Accounting and Budgeting (RAB) charge was £5.5 billion, or 27% of the £20.0 billion of loans issued that financial year. The RAB charge for 2023/24 will be published in the department’s 2023/24 Annual Report and Accounts this summer.</p><p> </p><p>Of student loans issued in the 2023/24 financial year, the government is expected to subsidise:</p><ul><li>28% of full-time Plan 2 Loans.</li><li>23% of part-time Plan 2 Loans.</li><li>48% of Plan 2 Advanced Learner Loans.</li><li>27% of full-time Plan 5 Loans.</li><li>19% of part-time Plan 5 Loans.</li><li>37% of Plan 5 Advanced Learner Loans.</li><li>0% of Master’s Loans.</li></ul><p> </p><p>These forecasts are subject to change. The final RAB forecasts for 2023/24 will be available as part of the annual student finance statistical publication, released in June 2024.</p><p> </p><p>The RAB charge, the government subsidy anticipated on student loans issued in any particular financial year, is calculated as the present value of student loan outlay less expected future repayments, in accordance with relevant International Financial Reporting Standards and guidance from HMT’s Government Financial Reporting Manual (FReM).</p><p> </p><p>The FReM requires future repayments of student loans to be discounted at the higher of the intrinsic rate and HMT’s discount rate, based on analysis of real yields on UK index linked Gilts and are specifically appropriate to central government.</p><p> </p><p>The FReM is kept under constant review. It is updated to reflect developments in relevant standards and best practice.</p> answering member printed Baroness Barran grouped question UIN HL3916 question first answered 01/05/2024 11:10:10 answering member 4703 label Biography information for Baroness Barran
tabling member	407 label Biography information for Baroness Taylor of Bolton

1702001

registered interest
date	17/04/2024
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	2
legislature	25277 pref label House of Lords
question text	To ask His Majesty's Government when they expect to publish an update to the calculation of the resource accounting and budgeting charge for student finance; and whether they propose to make any changes to the basis for calculation used at the time it was last updated.
tabling member printed	Baroness Taylor of Bolton
uin	HL3916
answer	answer is ministerial correction date of answer 01/05/2024 answer text <p>In the 2022/23 financial year, the Resource Accounting and Budgeting (RAB) charge was £5.5 billion, or 27% of the £20.0 billion of loans issued that financial year. The RAB charge for 2023/24 will be published in the department’s 2023/24 Annual Report and Accounts this summer.</p><p> </p><p>Of student loans issued in the 2023/24 financial year, the government is expected to subsidise:</p><ul><li>28% of full-time Plan 2 Loans.</li><li>23% of part-time Plan 2 Loans.</li><li>48% of Plan 2 Advanced Learner Loans.</li><li>27% of full-time Plan 5 Loans.</li><li>19% of part-time Plan 5 Loans.</li><li>37% of Plan 5 Advanced Learner Loans.</li><li>0% of Master’s Loans.</li></ul><p> </p><p>These forecasts are subject to change. The final RAB forecasts for 2023/24 will be available as part of the annual student finance statistical publication, released in June 2024.</p><p> </p><p>The RAB charge, the government subsidy anticipated on student loans issued in any particular financial year, is calculated as the present value of student loan outlay less expected future repayments, in accordance with relevant International Financial Reporting Standards and guidance from HMT’s Government Financial Reporting Manual (FReM).</p><p> </p><p>The FReM requires future repayments of student loans to be discounted at the higher of the intrinsic rate and HMT’s discount rate, based on analysis of real yields on UK index linked Gilts and are specifically appropriate to central government.</p><p> </p><p>The FReM is kept under constant review. It is updated to reflect developments in relevant standards and best practice.</p> answering member printed Baroness Barran grouped question UIN HL3915 question first answered 01/05/2024 11:10:10 answering member 4703 label Biography information for Baroness Barran
tabling member	407 label Biography information for Baroness Taylor of Bolton

1700236

registered interest
date	12/04/2024
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, if her Department will review and amend the criteria for student finance applications based on compelling personal reasons to ensure they offer appropriate flexibility where students experience unavoidable delays beyond a single academic year in completing their course of study.
tabling member constituency	Cambridge
tabling member printed	Daniel Zeichner
uin	21058
answer	answer is ministerial correction date of answer 22/04/2024 answer text <p>Generally, standard entitlement to fee support on full time courses will be available for the duration of the course, plus one extra year if needed.</p><p><br> If a student needs to repeat a year of study due to compelling personal reasons (CPR), they may be entitled to an additional year of tuition fee funding, in addition to their standard entitlement. Only one such year can be awarded at a time. However, if the student fails the repeat year and Student Finance England (SFE) determines that the CPR criteria have been met, a further CPR year may be awarded. <br> <br> Additionally, the regulations allow a current system student, who did not complete their previous, most recent course due to CPR to access fee support for one additional year. This fee support for an additional year will be provided in respect to the first year that the student takes of the current course. Provided that it was the most recent course that the student withdrew from for CPR, it does not matter how long ago they withdrew from that course.</p><p><br> The decision to award fee support due to CPR is for SFE to make based on the evidence provided and the individual merits of each case.</p><p> </p><p> </p> answering member constituency Thornbury and Yate answering member printed Luke Hall question first answered 22/04/2024 16:37:41 answering member 4450 label Biography information for Luke Hall
tabling member	4382 label Biography information for Daniel Zeichner

1648470

registered interest
date	28/06/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, whether she has made an assessment of the potential merits of providing (a) financial grants, (b) interest free and (c) lower interest loans to students in the context of rises in the cost of living.
tabling member constituency	Liverpool, Wavertree
tabling member printed	Paula Barker
uin	191687
answer	answer is ministerial correction date of answer 05/07/2023 answer text <p>The government recognises the cost of living pressures that are impacting students. The department has made £276 million of student premium and mental health funding available for the 2023/24 academic year to support students who need additional help to succeed, including disadvantaged students.</p><p>We have continued to increase maximum loans and grants for living and other costs each year, with a 2.3% increase for the 2022/23 academic year, and a further 2.8% increase for 2023/24. In addition, students eligible for benefits, such as those who are responsible for a child, qualify for higher rates of loans to help them with their living costs at university.</p><p>Students who have been awarded a loan for living costs for the 2022/23 academic year that is lower than the maximum, and whose household income for the 2022/23 tax year has dropped by at least 15% compared to the income provided for their original assessment, have been able to apply for their entitlement to be reassessed.</p><p>The government has no plans to reintroduce maintenance grants, as it believes that income-contingent student loans are a fair and sensible way of financing higher education. In 2022, we had record numbers of 18-year-olds going to university, including those from disadvantaged backgrounds. An English 18-year-old from a disadvantaged background today is 86% more likely to go to university than in 2010.</p><p>The student funding system must provide value for money for all at a time of rising costs. It is important that a sustainable student finance system is in place, that is fair to both students and taxpayers. Interest is an important part of this. If interest payments were removed altogether, it would increase the burden to taxpayers, not all of whom will attend university. The government does not plan to further reduce interest rates on student loans. In 2022/23, student loan interest reduced public sector net debt by around £4.8 billion according to published data from the Spring 2023 Office for Budget Responsibility Economic Outlook.</p><p>Student loans are different to commercial personal loans. Monthly student loan repayments are calculated by income rather than by interest rates or the amount borrowed. No borrower will be repaying more per month as a result of changes to interest rates. Borrowers are protected. If income is below the relevant repayment threshold, or a borrower is not earning, repayments stop. Any outstanding loan balance, including interest accrued, is written off after the loan term ends, or in case of death or disability, at no detriment to the borrower. Student loans are subsidised by the taxpayer, and the government does not make a profit from the loan scheme.</p><p>To further protect borrowers, where the government considers that the student loan interest rate is too high in comparison to the prevailing market rate, it will reduce the maximum Plan 2, Plan 3 and Plan 5 interest rate by applying a cap.</p><p>New students who start courses on or after 1 August 2023 will receive their loans on new Plan 5 terms. Students with Plan 5 loans will benefit from a reduction in the interest rate to Retail Price Index only. This change ensures that borrowers on the new Plan 5 terms will not repay more than they originally borrowed over the lifetime of their loans, when adjusted for inflation.</p><p>Decisions on student finance have had to be taken alongside other spending priorities to ensure the system remains financially sustainable and the costs of higher education are shared fairly between students and taxpayers, not all of whom have benefited from going to university.</p> answering member constituency Harlow answering member printed Robert Halfon question first answered 05/07/2023 15:46:16 answering member 3985 label Biography information for Robert Halfon
tabling member	4828 label Biography information for Paula Barker

1625942

registered interest
date	05/05/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, when she plans to introduce an alternative student finance product for Muslim students.
tabling member constituency	Bradford West
tabling member printed	Naz Shah
uin	183902
answer	answer is ministerial correction date of answer 15/05/2023 answer text <p>I refer the hon. Member for Bradford West to the answer of 24 March 2023 to Question <a href="https://questions-statements.parliament.uk/written-questions/detail/2023-03-16/167263" target="_blank">167263</a>.</p><p> </p> answering member constituency Harlow answering member printed Robert Halfon question first answered 15/05/2023 16:32:25 answering member 3985 label Biography information for Robert Halfon
tabling member	4409 label Biography information for Naz Shah

1624727

registered interest
date	28/04/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, what recent steps she has taken with Cabinet colleagues to provide Sharia-approved student finance for Muslim students.
tabling member constituency	Luton North
tabling member printed	Sarah Owen
uin	183272
answer	answer is ministerial correction date of answer 10/05/2023 answer text <p>I refer the hon. Member for Luton North to the answer given on 24 March 2023 to Question <a href="https://questions-statements.parliament.uk/written-questions/detail/2023-03-16/167263" target="_blank">167263</a>.</p><p> </p><p> </p> answering member constituency Harlow answering member printed Robert Halfon question first answered 10/05/2023 15:15:19 answering member 3985 label Biography information for Robert Halfon
tabling member	4777 label Biography information for Sarah Owen

1607773

registered interest
date	27/03/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, what steps her Department is taking to reform student finance.
tabling member constituency	Solihull
tabling member printed	Julian Knight
uin	174341
answer	answer is ministerial correction date of answer 31/03/2023 answer text <p>The government announced that it will introduce a Lifelong Loan Entitlement (LLE) from 2025 to provide a streamlined funding system for provision across levels 4 to 6. The LLE will enable people to train, retrain, and upskill to meet the needs of the economy and advance their careers.</p><p>The LLE will provide individuals with a loan entitlement to the equivalent of four years of post-18 education to use over their working lives (for example £37,000 in today’s fees). It will be available for both full years of study at higher technical and degree levels, and, for the first time, for modules of high-value courses, regardless of whether they are provided in colleges or universities.</p><p>Loans for living costs and targeted grants will be available in respect of all designated courses under the LLE, including part-time courses, subject to need.</p><p>Under this flexible skills system, people will be able to space out their studies and learn at a pace that is right for them, including choosing to build up their qualifications over time within both further education and higher education (HE) providers. They will have a choice in how and when they study to acquire new life-changing skills.</p><p>The government has legislated through the Skills and Post-16 Education Act 2022 on the LLE. On 1 February 2023, building on these measures, it introduced the HE (Lifelong Learning) Fee Limits Bill as a further step towards delivery of the LLE from 2025.</p><p>As part of the pathway towards the LLE, as of the start of the 2022/23 academic year, the government began trialling loan-funded access to tuition fees for designated short courses at levels 4 to 6 at 22 providers across England through the HE Short Course trial, which tests a more flexible approach to funding learning at levels 4 to 6.</p><p>On 7 March 2023, the government published its response to the LLE consultation, providing a detailed conclusion to the consultation and a clear description of the key changes being brought in as part of the LLE.</p><p> </p> answering member constituency Harlow answering member printed Robert Halfon question first answered 31/03/2023 15:06:02 answering member 3985 label Biography information for Robert Halfon
tabling member	4410 label Biography information for Julian Knight

1606849

registered interest
date	23/03/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, whether her Department is taking steps to provide alternative student finance options to people whose faith prohibits them from using interest-based loans.
tabling member constituency	Batley and Spen
tabling member printed	Kim Leadbeater
uin	172549
answer	answer is ministerial correction date of answer 31/03/2023 answer text <p>I refer the hon. Member for Batley and Spen to the answer I gave on 24 March 2023 to Question <a href="https://questions-statements.parliament.uk/written-questions/detail/2023-03-16/167263" target="_blank">167263</a>.</p> answering member constituency Harlow answering member printed Robert Halfon question first answered 31/03/2023 11:27:33 answering member 3985 label Biography information for Robert Halfon
tabling member	4923 label Biography information for Kim Leadbeater

1605225

registered interest
date	17/03/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, whether her Department has taken steps to produce an updated version of the Student Income and Expenditure Survey.
tabling member constituency	Sheffield Central
tabling member printed	Paul Blomfield
uin	168040
answer	answer is ministerial correction date of answer 27/03/2023 answer text <p>The Student Income and Expenditure Survey (SIES) 2021 to 2022 has been commissioned and the report will be published in due course.</p><p>The last published SIES survey (2014 to 2015) can be found at: <a href="https://www.gov.uk/government/publications/student-income-and-expenditure-survey-2014-to-2015" target="_blank">https://www.gov.uk/government/publications/student-income-and-expenditure-survey-2014-to-2015</a>.</p><p> </p> answering member constituency Harlow answering member printed Robert Halfon question first answered 27/03/2023 15:06:42 answering member 3985 label Biography information for Robert Halfon
tabling member	4058 label Biography information for Paul Blomfield

1604843

registered interest
date	16/03/2023
answering body	Department for Education
answering dept id	60
answering dept short name	Education
answering dept sort name	Education
hansard heading	Students: Finance
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Secretary of State for Education, with reference to the Answer of 25 July 2022 to Question 37600 on Students: Finance, what progress her Department has made on delivering an Alternative Student Finance product compatible with Islamic finance principles.
tabling member constituency	Ilford South
tabling member printed	Sam Tarry
uin	167263
answer	answer is ministerial correction date of answer 24/03/2023 answer text <p>The government is committed to delivering an Alternative Student Finance (ASF) product compatible with Islamic finance principles as soon as possible. To support the delivery of an ASF product to date, the government has taken new powers in the Higher Education and Research Act 2017 to enable the Secretary of State to provide alternative payments, in addition to grants and loans. We have further carried out work with specialist advisers, the Islamic Finance Council UK, on the design of an ASF model.</p><p>As set out in the answer of 25 July 2022 to Question <a href="https://questions-statements.parliament.uk/written-questions/detail/2022-07-15/37600" target="_blank">37600</a>, the government is introducing the Lifelong Loan Entitlement (LLE), which will significantly change the ways students can access learning and financial support.</p><p>Work is underway to assess how we can ultimately deliver an ASF product alongside the LLE. We are procuring advice from experts in Islamic finance and will be working with the Student Loans Company to better understand timescales for delivery of an ASF product.</p><p>In our response to the LLE consultation, published on 7 March 2023, we set out our aim that students will be able to access an ASF as part of the LLE as soon as possible after 2025.</p> answering member constituency Harlow answering member printed Robert Halfon question first answered 24/03/2023 13:33:17 answering member 3985 label Biography information for Robert Halfon
tabling member	4829 label Biography information for Sam Tarry