§ Mr. WillisTo ask the Secretary of State for Education and Employment, pursuant to his answer to the hon. Member for Truro and St. Austell (Mr. Taylor) of 9 February 2001,Official Report, column 764W on student loans, if he will estimate the rate of interest required to increase the net present value of student loans in 1999–2000 by £455 million. [156662]
§ Mr. Wicks[holding answer 2 April 2001]: The net present value of the estimated £982 million income contingent loans issued in 1999–2000 to students domiciled in England and Wales is estimated to be £590 million. The nominal rate of interest required to increase this by £455 million is estimated to be around 10 per cent.