Student Loan Interest Rates - Question

Part of the debate – in the House of Lords at 11:38 am on 27 March 2024.

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Photo of Baroness Barran Baroness Barran The Parliamentary Under-Secretary of State for Education, Lords Spokesperson (Equalities) 11:38, 27 March 2024

I am afraid I cannot agree with my noble friend. The debt repayment levels are dependent on income, and, as I said to the noble Lord, Lord Sikka, we expect that under the new plan 5 loans 61% of new full-time borrowers will repay their loans in full, with the balance being subsidised by the taxpayer. A recent graduate on a starting salary of £26,000 will repay £7 a month.