Students: Loans
The question
To ask the Secretary of State for Education, what comparative assessment her Department has made of the (a) average repayment duration and (b) total interest paid over the life of the loan for (i) male and (ii) female Plan 2 student loan borrowers.
Answered by Josh MacAlister
The median repayment duration of loans for students in the final cohort of Plan 2 borrowers, those who commenced study in the 2022/23 academic year, is 30 years. This is consistent with the average borrower in this cohort not being forecast to fully repay their loan and instead have some loan debt written off after 30 years. Information on repayment behaviour for this cohort is published here: https://explore-education-statistics.service.gov.uk/find-statistics/student-loan-forecasts-for-england/2022-23.
The department does not hold figures comparing the lifetime repayment duration for male and female Plan 2 borrowers or the total interest paid over the life of the loan.
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