{ "format" : "linked-data-api", "version" : "0.2", "result" : {"_about" : "http://eldaddp.azurewebsites.net/answeredquestions.text?hansardHeading=Students%3A+Loans", "definition" : "http://eldaddp.azurewebsites.net/meta/answeredquestions.text?hansardHeading=Students%3A+Loans", "extendedMetadataVersion" : "http://eldaddp.azurewebsites.net/answeredquestions.text?_metadata=all&hansardHeading=Students%3A+Loans", "first" : "http://eldaddp.azurewebsites.net/answeredquestions.text?_page=0&hansardHeading=Students%3A+Loans", "hasPart" : "http://eldaddp.azurewebsites.net/answeredquestions.text?hansardHeading=Students%3A+Loans", "isPartOf" : "http://eldaddp.azurewebsites.net/answeredquestions.text?hansardHeading=Students%3A+Loans", "items" : [{"_about" : "http://data.parliament.uk/resources/1719819", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1719819/answer", "answerText" : {"_value" : "

The Resource Accounting Budget charge, which is 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\u2019s Government Financial Reporting Manual (FReM).<\/p>

<\/p>

The FReM requires future repayments of student loans to be discounted at the higher of the intrinsic rate of the financial instrument and the real financial instrument discount rate set by HMT, based on analysis of real yields on UK index linked gilts and are specifically appropriate to central government.<\/p>

<\/p>

The FReM is kept under constant review. It is updated to reflect developments in relevant standards and best practice.<\/p>

<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/3969", "label" : {"_value" : "Biography information for Damian Hinds"} } , "answeringMemberConstituency" : {"_value" : "East Hampshire"} , "answeringMemberPrinted" : {"_value" : "Damian Hinds"} , "dateOfAnswer" : {"_value" : "2024-05-24", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-24T10:39:37.977Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-05-21", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, for what reasons the discount rate used to calculate the Resource Accounting and Budgeting charge on student loans is different to the rate used for general policy appraisal.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4679", "label" : {"_value" : "Biography information for Neil O'Brien"} } , "tablingMemberConstituency" : {"_value" : "Harborough"} , "tablingMemberPrinted" : [{"_value" : "Neil O'Brien"} ], "uin" : "27501"} , {"_about" : "http://data.parliament.uk/resources/1718562", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1718562/answer", "answerText" : {"_value" : "

It has not proved possible to respond to the hon. Member in the time available before Prorogation.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4450", "label" : {"_value" : "Biography information for Luke Hall"} } , "answeringMemberConstituency" : {"_value" : "Thornbury and Yate"} , "answeringMemberPrinted" : {"_value" : "Luke Hall"} , "dateOfAnswer" : {"_value" : "2024-05-24", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "26561"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-24T13:14:46.32Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-05-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, whether she has made an assessment of the reasons behind recent trends in levels of student loan interest rates.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4607", "label" : {"_value" : "Biography information for Stephanie Peacock"} } , "tablingMemberConstituency" : {"_value" : "Barnsley East"} , "tablingMemberPrinted" : [{"_value" : "Stephanie Peacock"} ], "uin" : "26560"} , {"_about" : "http://data.parliament.uk/resources/1718563", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1718563/answer", "answerText" : {"_value" : "

It has not proved possible to respond to the hon. Member in the time available before Prorogation.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4450", "label" : {"_value" : "Biography information for Luke Hall"} } , "answeringMemberConstituency" : {"_value" : "Thornbury and Yate"} , "answeringMemberPrinted" : {"_value" : "Luke Hall"} , "dateOfAnswer" : {"_value" : "2024-05-24", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "26560"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-24T13:14:46.367Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-05-15", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, what assessment her Department has made of the potential impact of recent trends in levels of interest rates for student loan repayments on the accessibility of higher education.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4607", "label" : {"_value" : "Biography information for Stephanie Peacock"} } , "tablingMemberConstituency" : {"_value" : "Barnsley East"} , "tablingMemberPrinted" : [{"_value" : "Stephanie Peacock"} ], "uin" : "26561"} , {"_about" : "http://data.parliament.uk/resources/1717096", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1717096/answer", "answerText" : {"_value" : "

As education is a devolved issue, the following answer concerns the student finance system in England only. The student finance systems of the devolved administrations differ from that of England.<\/p>

<\/p>

The department makes regular assessments of the expected write-off amount of student loans issued in each financial year. These forecasts are published on GOV.UK.<\/p>

<\/p>

The headline statistic Resource Accounting and Budgeting (RAB) charge is the percentage of the loans (both tuition and maintenance) outlaid to students in a given financial year, that the government expects to subsidise, i.e. write-off.<\/p>

<\/p>

Repayments are calculated based on income, not on the amount borrowed. Borrowers earning less than the repayment threshold repay nothing at all, and loans are cancelled at the end of the loan term with no detriment to the borrower. The Student Loans Company will also cancel a borrower\u2019s liability to repay a loan if the borrower dies or receives an eligible disability-related benefit and because of the disability is permanently unfit for work. It is not possible to disaggregate the pure impact of salary levels of borrowers (graduates and non-graduates) on loan write-offs.<\/p>

<\/p>

The latest publication of the student loan forecasts for England was published in June 2023, and will be updated at the end of June 2024. The RAB charge for full-time undergraduate higher education (plan 2) loans issued in the 2022/23 financial year was forecast to be 28%.<\/p>

<\/p>

Student loan repayments volumes are sensitive to the wider economic environment. Earnings of borrowers (both graduates and non-graduates), interest rates, inflation rates, repayment threshold freezes, policy changes and modelling improvements, all influence the RAB charge forecasts. For these reasons RAB forecasts from the past are not directly comparable year-on-year.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4450", "label" : {"_value" : "Biography information for Luke Hall"} } , "answeringMemberConstituency" : {"_value" : "Thornbury and Yate"} , "answeringMemberPrinted" : {"_value" : "Luke Hall"} , "dateOfAnswer" : {"_value" : "2024-05-15", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-15T16:36:43.4Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-05-10", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, whether she has made an estimate of the value of tuition fee repayments that were written off due to lower graduate salary levels between 2020 and 2023.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/1409", "label" : {"_value" : "Biography information for Mr Gregory Campbell"} } , "tablingMemberConstituency" : {"_value" : "East Londonderry"} , "tablingMemberPrinted" : [{"_value" : "Mr Gregory Campbell"} ], "uin" : "25637"} , {"_about" : "http://data.parliament.uk/resources/1716143", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1716143/answer", "answerText" : {"_value" : "

The Student Loans Company (SLC) has a Service Level Agreement of 28 days to make a refund to people who have made an over repayment on their student loan. Based on telephone requests from January to March 2024, the SLC averaged 8 days from the point the request was received to the point the refund was paid to the borrower\u2019s bank account.<\/p>

<\/p>

Student loans repayments for borrowers resident in the UK are made via HMRC through the UK tax system. Employers deduct repayments each pay period for employees with a student loan when their earnings are above the relevant repayment threshold for that pay period.<\/p>

<\/p>

Over repayments can occur for a number of reasons, for example the time lag between an employer making a PAYE deduction and HMRC receiving and sending that payment to SLC, which can then confirm that a borrower has paid off their student loan balance. HMRC provides the SLC with student loan repayment information as reported by employers on a weekly basis. For this type of over-repayment, the SLC can automatically make a refund of £5,000 where they are able to verify a borrower\u2019s bank account details.<\/p>

<\/p>

SLC provide borrowers with the option to switch to repayments via direct debit when they are nearing the end of their loan repayments. This prevents overpayments entirely.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4450", "label" : {"_value" : "Biography information for Luke Hall"} } , "answeringMemberConstituency" : {"_value" : "Thornbury and Yate"} , "answeringMemberPrinted" : {"_value" : "Luke Hall"} , "dateOfAnswer" : {"_value" : "2024-05-15", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "24996"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-15T11:47:52.373Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-05-07", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, what estimate her Department has made of the average length of time the Student Loans Company takes to refund people who have made an overpayment on their student loan.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4645", "label" : {"_value" : "Biography information for Emma Hardy"} } , "tablingMemberConstituency" : {"_value" : "Kingston upon Hull West and Hessle"} , "tablingMemberPrinted" : [{"_value" : "Emma Hardy"} ], "uin" : "24995"} , {"_about" : "http://data.parliament.uk/resources/1716144", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1716144/answer", "answerText" : {"_value" : "

The Student Loans Company (SLC) has a Service Level Agreement of 28 days to make a refund to people who have made an over repayment on their student loan. Based on telephone requests from January to March 2024, the SLC averaged 8 days from the point the request was received to the point the refund was paid to the borrower\u2019s bank account.<\/p>

<\/p>

Student loans repayments for borrowers resident in the UK are made via HMRC through the UK tax system. Employers deduct repayments each pay period for employees with a student loan when their earnings are above the relevant repayment threshold for that pay period.<\/p>

<\/p>

Over repayments can occur for a number of reasons, for example the time lag between an employer making a PAYE deduction and HMRC receiving and sending that payment to SLC, which can then confirm that a borrower has paid off their student loan balance. HMRC provides the SLC with student loan repayment information as reported by employers on a weekly basis. For this type of over-repayment, the SLC can automatically make a refund of £5,000 where they are able to verify a borrower\u2019s bank account details.<\/p>

<\/p>

SLC provide borrowers with the option to switch to repayments via direct debit when they are nearing the end of their loan repayments. This prevents overpayments entirely.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4450", "label" : {"_value" : "Biography information for Luke Hall"} } , "answeringMemberConstituency" : {"_value" : "Thornbury and Yate"} , "answeringMemberPrinted" : {"_value" : "Luke Hall"} , "dateOfAnswer" : {"_value" : "2024-05-15", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "24995"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-15T11:47:52.417Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-05-07", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Secretary of State for Education, what discussions she has had with HM Revenue and Customs on the timeframe for refunding student loan overpayment.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4645", "label" : {"_value" : "Biography information for Emma Hardy"} } , "tablingMemberConstituency" : {"_value" : "Kingston upon Hull West and Hessle"} , "tablingMemberPrinted" : [{"_value" : "Emma Hardy"} ], "uin" : "24996"} , {"_about" : "http://data.parliament.uk/resources/1713294", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1713294/answer", "answerText" : {"_value" : "

Student loans are valued in the department\u2019s annual accounts in line with the International Financial Reporting Standard 9 and set out in The Government Financial Reporting Manual which is attached.<\/p>

Under which where future cash flows are discounted to measure the fair value of a financial asset, this should be done using the higher of the rate intrinsic to the financial instrument or the HMT discount rate. HMT set the discount rate annually based on a 10 year rolling average of gilt yields. For student loans the intrinsic rate would be the discount rate that gave a Resource Accounting Budget (RAB) or stock charge of 0%, so the HMT discount rate is used provided the RAB charge is greater than 0%. Should the HMT discount rate result in a RAB charge calculation giving a negative value then the intrinsic rate is used instead, meaning that that RAB charge will take a value of 0%.<\/p>

The most recent forecasts for the student finance system can be found here: https://explore-education-statistics.service.gov.uk/find-statistics/student-loan-forecasts-for-england/2022-23<\/a>.<\/p>

The net present value of future repayments was calculated by discounting all future repayments at a rate of RPI -1.3% per year until the end of financial year 2029/30, and -0.2% per year from financial year 2030/31, to the same point in time as the loan outlay or loan balance. This is the discount rate for financial instruments set by HMT in 2022 and is intended to reflect of the cost of government borrowing. The most recent student loan forecasts using the 2023 discount rate set by HMT will be published at the end of June 2024.<\/p>

The department has carefully assessed the impact of changes and published a full and comprehensive analysis in the Higher Education Reform and Consultation Document Equality Impact Assessment, which is attached.<\/p>

The student loan repayment system under Plan 5 is progressive, with repayments being positively correlated with lifetime earnings. The highest earners make the largest individual contributions to the system overall, and the lowest earners are required to contribute the least.<\/p>

Lower earners, whether male or female, are protected. If a borrower\u2019s income is below the repayment threshold, they will not be required to make any repayments at all. At the end of the loan term, any outstanding loan debt, including interest accrued, will be written off at no detriment to the borrower. No commercial loans offer this level of protection.<\/p>

The department will continue to keep the student finance system, including repayment terms, under review to ensure that it remains sustainable and delivers value for money for students and the taxpayer.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4703", "label" : {"_value" : "Biography information for Baroness Barran"} } , "answeringMemberPrinted" : {"_value" : "Baroness Barran"} , "attachment" : [{"_about" : "http://data.parliament.uk/resources/1713294/answer/attachment/1", "fileName" : {"_value" : "HL4035 HL4036 Attachment - The Government Financial Reporting Manual.pdf"} , "title" : "The Government Financial Reporting Manual "} , {"_about" : "http://data.parliament.uk/resources/1713294/answer/attachment/2", "fileName" : {"_value" : "HL4035 HL4036 Attachment - Higher Education Reform and Consultation Document Equality Impact Assessment.pdf"} , "title" : "Higher Education Reform and Consultation Document "} ], "dateOfAnswer" : {"_value" : "2024-04-29", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL4036"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-04-29T15:08:37.903Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-04-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what assessment they have made of the impact of interest rate charges on Government student loan financing, following research by the Institute for Fiscal Studies which showed that higher interest rates will add more than £10 billion per year to the cost of England\u2019s student loan system.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL4035"} , {"_about" : "http://data.parliament.uk/resources/1713295", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1713295/answer", "answerText" : {"_value" : "

Student loans are valued in the department\u2019s annual accounts in line with the International Financial Reporting Standard 9 and set out in The Government Financial Reporting Manual which is attached.<\/p>

Under which where future cash flows are discounted to measure the fair value of a financial asset, this should be done using the higher of the rate intrinsic to the financial instrument or the HMT discount rate. HMT set the discount rate annually based on a 10 year rolling average of gilt yields. For student loans the intrinsic rate would be the discount rate that gave a Resource Accounting Budget (RAB) or stock charge of 0%, so the HMT discount rate is used provided the RAB charge is greater than 0%. Should the HMT discount rate result in a RAB charge calculation giving a negative value then the intrinsic rate is used instead, meaning that that RAB charge will take a value of 0%.<\/p>

The most recent forecasts for the student finance system can be found here: https://explore-education-statistics.service.gov.uk/find-statistics/student-loan-forecasts-for-england/2022-23<\/a>.<\/p>

The net present value of future repayments was calculated by discounting all future repayments at a rate of RPI -1.3% per year until the end of financial year 2029/30, and -0.2% per year from financial year 2030/31, to the same point in time as the loan outlay or loan balance. This is the discount rate for financial instruments set by HMT in 2022 and is intended to reflect of the cost of government borrowing. The most recent student loan forecasts using the 2023 discount rate set by HMT will be published at the end of June 2024.<\/p>

The department has carefully assessed the impact of changes and published a full and comprehensive analysis in the Higher Education Reform and Consultation Document Equality Impact Assessment, which is attached.<\/p>

The student loan repayment system under Plan 5 is progressive, with repayments being positively correlated with lifetime earnings. The highest earners make the largest individual contributions to the system overall, and the lowest earners are required to contribute the least.<\/p>

Lower earners, whether male or female, are protected. If a borrower\u2019s income is below the repayment threshold, they will not be required to make any repayments at all. At the end of the loan term, any outstanding loan debt, including interest accrued, will be written off at no detriment to the borrower. No commercial loans offer this level of protection.<\/p>

The department will continue to keep the student finance system, including repayment terms, under review to ensure that it remains sustainable and delivers value for money for students and the taxpayer.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4703", "label" : {"_value" : "Biography information for Baroness Barran"} } , "answeringMemberPrinted" : {"_value" : "Baroness Barran"} , "attachment" : [{"_about" : "http://data.parliament.uk/resources/1713295/answer/attachment/1", "fileName" : {"_value" : "HL4035 HL4036 Attachment - The Government Financial Reporting Manual.pdf"} , "title" : "The Government Financial Reporting Manual "} , {"_about" : "http://data.parliament.uk/resources/1713295/answer/attachment/2", "fileName" : {"_value" : "HL4035 HL4036 Attachment - Higher Education Reform and Consultation Document Equality Impact Assessment.pdf"} , "title" : "Higher Education Reform and Consultation Document "} ], "dateOfAnswer" : {"_value" : "2024-04-29", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "HL4035"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-04-29T15:08:37.84Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "60"} , "answeringDeptShortName" : {"_value" : "Education"} , "answeringDeptSortName" : {"_value" : "Education"} , "date" : {"_value" : "2024-04-23", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Students: Loans"} , "houseId" : {"_value" : "2"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"} } ], "questionText" : "To ask His Majesty's Government what assessment they have made of the impact of changes to the student loan repayment system, introduced in August 2023, on female students.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4286", "label" : {"_value" : "Biography information for Lord Mendelsohn"} } , "tablingMemberPrinted" : [{"_value" : "Lord Mendelsohn"} ], "uin" : "HL4036"} , {"_about" : "http://data.parliament.uk/resources/1700694", "AnsweringBody" : [{"_value" : "Department for Education"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1700694/answer", "answerText" : {"_value" : "

In the 2022/23 financial year, the Resource Accounting and Budgeting (RAB) charge, which is the government subsidy on student loans, was £5.5 billion, or 27% of the £20.0 billion of loans issued that financial year.<\/p>

Of student loans issued in 2023/24, the government is expected to subsidise about £5.6 billion, or:<\/p>