Sale of Student Loans Act 2008
Act of ParliamentThis bill passed all stages in both Houses and received Royal Assent.
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Long title
A Bill to enable the sale of rights to repayments of student loans; and for connected purposes.
Summary
<p>The Bill contains measures to enable a programme of sales of the Government's Student Loans Portfolio.</p><p>The sale of the student loan book is part of an ongoing Government strategy to transfer ownership of all public assets that are not essential to the Government's public service delivery objectives.</p><p>The student loan book is worth around £18.1 billion and is expected to increase in value to £55 billion over the next ten years. The Government expects the proposed sales programme to realise around £6 billion in receipts by the end of financial year 2010/11. </p><p><strong>Key areas</strong></p><ul><li>Transactions will only proceed if they represent good value for money and include a genuine transfer of risk to the private sector</li><li>Terms and conditions for individual borrowers will stay the same, the Government intends</li><li>Government will retain control of all loan arrangements and regulations, including interest rates and repayment thresholds</li><li>Student Loans Company will continue to administer all accounts. Purchasers would only be allowed to use data about borrowers for the specific purpose of managing the loans.</li></ul>
Progress through Parliament
- 1st reading· Commons
8 November 2007 – 8 November 2007
- 2nd reading· Commons
22 November 2007 – 22 November 2007
- Programme motion· Commons
22 November 2007 – 22 November 2007
- Money resolution· Commons
22 November 2007 – 22 November 2007
- Committee stage· Commons
4 December 2007 – 4 December 2007
- Report stage· Commons
23 January 2008 – 23 January 2008
- 3rd reading· Commons
23 January 2008 – 23 January 2008
- 1st reading· Lords
24 January 2008 – 24 January 2008
- 2nd reading· Lords
19 February 2008 – 19 February 2008
- Committee stage· Lords
8 May 2008 – 8 May 2008
- Report stage· Lords
2 June 2008 – 2 June 2008
- 3rd reading· Lords
10 June 2008 – 10 June 2008
- Programme motion· Commons
23 June 2008 – 23 June 2008
- Consideration of Lords amendments· Commons
23 June 2008 – 23 June 2008
- Royal Assent· Unassigned
21 July 2008 – 21 July 2008
Source: UK Parliament Bills API. Bill ID: 190.