Students: Loans
The question
To ask the Secretary of State for Education, what assessment she has made of the potential impact of technical errors affecting Plan 2 loan balances administered by the Student Loans Company on borrowers; and how many borrowers have been affected.
Answered by Josh MacAlister
The two technical errors relating to plan 2 affected 71,000 students and meant 41,000 were not charged enough interest, and 30,000 were charged too much interest.
Accounts have now been corrected, meaning that 41,000 students have had their balance increase, and 30,000 have had their balance decrease but regular repayment amounts will remain unchanged.
Of the 30,000 accounts which will see their balance decrease, over 3,000 students who have paid off their loans will receive a refund.
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