Question to the Department for Education:

To ask His Majesty's Government what is their most recent estimate of (1) the Resource Accounting and Budgeting charge, and (2) the estimated cost to Government of their support for the student finance system, based on future loan write-offs and interest subsidies, (a) in net present-value terms, and (b) as a proportion of the initial loan outlay.

In the 2022/23 financial year, the Resource Accounting and Budgeting (RAB) charge, which is the government subsidy on student loans, was £5.5 billion, or 27% of the £20.0 billion of loans issued that financial year.

Of student loans issued in 2023/24, the government is expected to subsidise about £5.6 billion, or:

• 28% of full-time Plan 2 loans,
• 23% of part-time Plan 2 loans,
• 48% of Plan 2 Advanced Learner Loans,
• 27% of full-time Plan 5 loans,
• 19% of part-time Plan 5 loans,
• 37% of Plan 5 Advanced Learner Loans, and
• 0% of Master’s loans

These forecasts are subject to change. The next statistical publication on student finance forecasts, which will contain the final RAB figures for the 2023/24 financial year, will be available at the end of June 2024.