Student loans

Summary

The request sought detailed statistics on student loan debt, awards, and repayment rates for Manx students since 2014. The Department of Education provided comprehensive data on outstanding debt and full repayments for the years 2021 to 2024 but did not disclose information regarding student awards or debts registered with credit reference agencies.

Key Facts

• Outstanding student loan debt increased from £10.8 million in 2021 to £14.4 million in 2024.
• The number of students who fully repaid their loans rose from 403 in 2021 to 721 in 2024.
• The percentage of graduates not repaying or currently repaying loans decreased from 50.5% in 2021 to 45.3% in 2024.
• Information regarding the total cost of student awards was not provided in the response.
• Data on debts registered with credit reference agencies was not included in the disclosure.

Data Disclosed

• £13,035,785
• £14,824,701
• £16,646,211
• £18,509,681
• £10,848,586
• £11,990,749
• £13,168,690
• £14,414,769
• 403
• 507
• 611
• 721
• 18.9%
• 21.8%
• 24.6%
• 27.0%
• 31 March 2021
• 31 March 2022
• 31 March 2023
• 31 March 2024

Original Request

Please can you provide an update i.e. extend the latest position for request 1293447 What is the total amount of outstanding debt owed to the department by Manx students who have attended university since 2014, aged by year. How many student awards have been granted and what is the total amount this has cost, aged by year? How many students have paid back the full amount of money loaned to them by the government for their university fees, aged by year? How many students have paid back none of the money loaned to them by the government for their university fees, aged by year? How many and the value of debts that have been registered with credit reference agencies, aged by year

Data Tables (11)

Full Response Text

Policy, Strategy and Governance Division Department of Education, Sport and Culture Thie Slieau Whallian Foxdale Road St Johns IM4 3AS

Telephone: (01624) 685808 Website: www.gov.im/dec Email: dec@foi.gov.im

Our ref: 4248033 06 December 2024

Dear ###

We write further to your request, received 12 November 2024, which states:

"Please can you provide an update i.e. extend the latest position for request 1293447

1. What is the total amount of outstanding debt owed to the department by Manx

students who have attended university since 2014, aged by year.

1. How many student awards have been granted and what is the total amount this has

cost, aged by year?

1. How many students have paid back the full amount of money loaned to them by the

government for their university fees, aged by year?

1. How many students have paid back none of the money loaned to them by the

government for their university fees, aged by year?

1. How many and the value of debts that have been registered with credit reference agencies, aged by year"

I have detailed below the information that is held:

1. What is the total amount of outstanding debt owed to the department by Manx students who have attended university since 2014, aged by year.

As at 31st March 2021

All Loans Number of Loans Value Loans Advanced 2,329 £13,035,785 Interest charged 961 £277,854 Loans Fully Repaid 403 (£2,120,919) Loans Repayment (instalments) 184 (£344,133) Outstanding Loans
1,926 £10,848,586 Graduates Only Number of Loans Value Loans Currently Due for Repayment 1,143 £6,745,687 Loans Fully Repaid 403 (£2,120,919) Loans Repayment (instalments) 163 (£159,038) Outstanding Loans (Graduates)
740 £4,465,729 % Total Loan Value Advanced - Repaid 18.9%

% Loans Fully Repaid (403 Loans) 17.3% % Graduate Repayment Rate
33.8% % Graduates repaid/repaying 49.5% % Graduates not repaid or repaying 50.5%

As at 31st March 2022 All Loans Number of Loans Value Loans Advanced 2,548 £14,824,701 Interest charged 1,173 £392,904 Loans Fully Repaid 507 (£2,722,102) Loans Repayment (instalments) 244 (£504,753) Outstanding Loans
2,041 £11,990,749 Graduates Only Number of Loans Value Loans Currently Due for Repayment 1,383 £8,405,735 Loans Fully Repaid 507 (£2,722,102) Loans Repayment (instalments) 219 (£253,830) Outstanding Loans (Graduates)
876 £5,429,803 % Total Loan Value Advanced - Repaid 21.8% % Loans Fully Repaid (507 Loans) 19.9% % Graduate Repayment Rate
35.4% % Graduates repaid/repaying 52.5% % Graduates not repaid or repaying 47.5%

As at 31st March 2023

All Loans Number of Loans Value Loans Advanced 2,798 £16,646,211 Interest charged 8,544 £619,220 Loans Fully Repaid 611 (£3,395,161) Loans Repayment (instalments) 300 (£701,581) Outstanding Loans
2,187 £13,168,690 Graduates Only Number of Loans Value Loans Currently Due for Repayment 1,675 £13,000,575 Loans Fully Repaid 611 (£3,395,161) Loans Repayment (instalments) 279 (£635,353) Outstanding Loans (Graduates)
1,064 £8,970,061 % Total Loan Value Advanced - Repaid 24.6% % Loans Fully Repaid (611 Loans) 21.8% % Graduate Repayment Rate
31.0% % Graduates repaid/repaying 53.1% % Graduates not repaid or repaying 46.9%

As at 31 March 2024 All Loans Number of Loans Value Loans Advanced 3,044 £18,509,681 Interest charged 1,639 £905,797 Loans Fully Repaid 721 (£4,170,265) Loans Repayment (instalments) 373 (£830,445) Outstanding Loans
2,323 £14,414,769 Graduates Only Number of Loans Value Loans Currently Due for Repayment 1,966 £13,119,162 Loans Fully Repaid 721 (£4,170,265) Loans Repayment (instalments) 355 (£703,945) Outstanding Loans (Graduates)
1,245 £8,244,952

% Total Loan Value Advanced - Repaid 27.0%

% Loans Fully Repaid (721 Loans) 23.7% % Graduate Repayment Rate
37.2%

% Graduates repaid/repaying 54.7% % Graduates not repaid or repaying 45.3%

1. How many student awards have been granted and what is the total amount this has cost, aged by year?

2. How many students have paid back the full amount of money loaned to them by the government for their university fees, aged by year?

Number of students who have repaid the full amount of money loaned to them as of 31 March in each of the last four years is as follows: 31 March 2021: 403 31 March 2022: 507 31 March 2023: 611 31 March 2024: 721

1. How many students have paid back none of the money loaned to them by the government for their university fees, aged by year?
   Number of students that have made no repayments as of 31 March 2024 in the previous four years is as follows:
   31 March 2021: 577 31 March 2022: 660 31 March 2023: 786 31 March 2024: 891 By way of advice and assistance students who have an income level below £25,000 are therefore not yet required to make any mandatory repayments towards their loan

2. How many and the value of debts that have been registered with credit reference agencies, aged by year

While our aim is to provide information whenever possible, in this instance the public authority does not hold or cannot, after taking reasonable steps to do so, find some of the information that you have requested.

Please quote the reference number 4248033 in any future communications.

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I will now close your request as of this date.