Question to the Department for Education:

To ask the Secretary of State for Education, what recent estimate her Department has made of the (a) proportion of Plan 2 student loans that will be fully repaid within the 30-year term and (b) average total interest accrued by a Plan 2 borrower over the lifetime of their loan.

Based on current modelling, 32% of the 2022/23 cohort of England-domiciled Plan 2 student loan borrowers are expected to fully repay their loans within the 30 year loan term. Student loan forecasts can be found here: https://explore-education-statistics.service.gov.uk/methodology/student-loan-forecasts-for-england.

The department does not hold information on the average total interest accrued by a Plan 2 borrower over the lifetime of their loan. However, interest rates only affect the total amount repaid by high-earning borrowers and those with small balances, who will pay back all, or very nearly all, their student loans.