HC Deb 04 November 1993 vol 231 cc395-6W
Mrs. Ann Taylor

To ask the Secretary of State for Education (1) what is the projected cost of the student loans scheme for each financial year from 1992–93 to 2022–23;

(2) during which financial year he currently expects the student loans scheme to break even.

Mr. Boswell

The student loans scheme produced public expenditure savings, when compared to previous policies, in the first year of its operation, 1990–91.

Actual United Kingdom expenditure on student loans in 1992–93—net of gross repayments—was £230 million (£183 million in 1990 prices). The table attached gives projections of net United Kingdom expenditure on loans in each financial year from 1993–94 to 2022–23.

Projected net expenditure on student loans scheme
United Kingdom, £ million 1990 prices
Year Cost
1993–94 222
1994–95 271
1995–96 305
1996–97 338
1997–98 393
1998–99 473
1999–2000 579
2000–2001 685
2001–2002 724
2002–2003 723
2003–2004 716
2004–2005 713
2005–2006 709
2006–2007 709

Year Cost
2007–2008 698
2008–2009 678
2009–2010 628
2010–2011 580
2011–2012 524
2012–2013 494
2013–2014 465
2014–2015 442
2015–2016 422
2016–2017 402
2017–2018 384
2018–2019 369
2019–2020 355
2020–2021 344
2021–2022 329
2022–2023 316

Notes:

1. Figures are for total United Kingdom outlay on student loans, net of repayments of principal and interest.

2. Underlying assumptions are consistent with the projections of net expenditure on loans in England and Wales for 1993–94 to 1995–96 set out in Cm 2210.

Mrs. Ann Taylor

To ask the Secretary of State for Education what plans he has to abolish the student loans scheme.

Mr. Boswell

None.

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