The Government has offloaded mortgage-style student loans owed by around a quarter of a million borrowers to a private debt collection agency for £160m.
The sale - revealed over the weekend by Sky's City Editor Mark Kleinman - covers loans taken out by students who began courses between 1990 and 1998.
The Department for Business Innovation & Skills said Erudio Student Loans was selected as the successful bidder through a competitive process.
It said its offer was judged to represent the best value for money for the taxpayer and the price paid exceeded the estimated value to the Government of retaining the loans, arguing the private sector was thought best placed to collect the outstanding debt, allowing the Student Loans Company (SLC) to concentrate on administering newer loans.
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 £160m.
"The private sector is well placed to maximise returns from the book which has a deteriorating value.
"The sale will allow the Student Loans Company to focus on supplying loans to current students and collecting repayments on newer loans.
"Borrowers will remain protected and there will be no change to their terms and conditions, including the calculation of interest rates for loans."
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