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Students: Loans

Department for Education written question – answered on 27th February 2017.

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Photo of Liz McInnes Liz McInnes Shadow Minister (Foreign and Commonwealth Affairs)

To ask the Secretary of State for Education, what assessment the Government has made of the effect of the proposed sale of the student loans book on those paying off such loans.

Photo of Jo Johnson Jo Johnson Minister of State (Department for Education) (Universities and Science) (Joint with the Department for Business, Energy and Industrial Strategy), Minister of State (Department for Business, Energy and Industrial Strategy) (Universities and Science) (Joint with the Department for Education)

The position of all graduates, including all those whose loans are in scope of the proposed sale, would not change as a result of a sale. Graduates are protected by statute.

The proposed sale would not alter the mechanisms and terms of repayment, and sold loans would continue to be serviced by Her Majesty’s Revenue and Customs (HMRC) and the Student Loans Company (SLC) on the same basis as equivalent unsold loans. Investors would have no right to change any of the current loan arrangements or to contact people with student loans directly.

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No1 person thinks not

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