Sue Robb of 4Children talks to Julie Laughton and Alison Britton from the Department for Education about the role of childminders in delivering the 30 hours free entitlement.
Loans worth £890 million — taken out by students between 1990 and 1998 — will be transferred to private company Erudio Student Loans, an investment trustee funded by CarVal Investors and Arrow Global, in 2014.
These are the last of the mortgage-style student loans on the Government’s books, following two previous sales in 1998 and 1999 which passed a combined £2 billion of the loans to the private sector.
About a million borrowers were retained by the Government’s Student Loans Company, and 69% of those have subsequently fully repaid their debt. Universities and Science Minister David Willetts said: “The sale of the remaining mortgage-style student loan book represents good value for money, helping to reduce public sector net debt by £160 million. The private sector is well placed to maximise returns from the book which has a deteriorating value.”
The deal means Arrow Global — which was floated last month — will by 2014 look after student loan assets with a face value of more than £1 billion. It said it had invested £11 million to buy the student loans portfolio sold today.
Shares in Arrow Global, which debuted at 205p each, slipped back 2p today to 242.5p.
Sue Robb of 4Children talks to Julie Laughton and Alison Britton from the Department for Education about the role of childminders in delivering the 30 hours free entitlement.
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