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Students: Loans

Business, Innovation and Skills written question – answered on 24th November 2011.

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Photo of Helen Jones Helen Jones Shadow Minister (Communities and Local Government)

To ask the Secretary of State for Business, Innovation and Skills what estimate he has made of the number of graduates who will not repay their student loans in full over a 30-year period.

Photo of David Willetts David Willetts Minister of State (Universities and Science)

We currently estimate that around 40% of borrowers will not fully repay their loan either because it will be written off due to death, not being able to work again due to permanent disability or after 30 years has expired.

We currently estimate that the resource accounting and budgeting charge for student loans—representing the cost of both write-offs and interest subsidies—will be around 30% of the face value of loans issued.

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