Written Question · S3W-02082 · Session 3
Whether it receives repayment of the graduate endowment from the Student Loans Company when students opt to add the endowment to their stud…
The question
To ask the Scottish Executive whether it receives repayment of the graduate endowment from the Student Loans Company when students opt to add the endowment to their student loans and, if so, whether it receives that repayment in the financial year that the graduate endowment is due.
The answer
The Student Loans Companydoes not repay the graduate endowment loan. The student repays the graduateendowment to the Student Loan Company (SLC) and SLC remit the monies to the Scottish Executive (via the Students Award Agency Scotland).
Income Contingent loans arecollected by the Student Loans Company, through earnings by Her Majesty’sRevenue and Customs (HMRC) at the standard 9% of earnings above the incomerepayment threshold (£15,000 per annum).
HMRC collect in arrears of the financial year, therefore the Scottish Executive will not receive repaymentduring the financial year in which the endowment is due.
Income Contingent loans arecollected by the Student Loans Company, through earnings by Her Majesty’sRevenue and Customs (HMRC) at the standard 9% of earnings above the incomerepayment threshold (£15,000 per annum).
HMRC collect in arrears of the financial year, therefore the Scottish Executive will not receive repaymentduring the financial year in which the endowment is due.
In the Official Report
No contribution in the Official Report cites S3W-02082 by reference.