The income tax and ISA changes come in for 08/09. Table 1.2 in this PDF (http://news.bbc.co.uk/1/shared/bsp/hi/pdfs/21_03_07_budget_report.pdf) has a good summary.

No. Securitisation doesn't work that way... However, a transfer of the management to a third party might: it isn't clear what the SLC is actually going to do, and they might transfer the right to set the terms of future loans out of the hands of the Sec State for Education.

Nor is it clear what happens if the bonds default: the bondholders sometimes acquire the authority to replace the administrators of a failed asset-backed securities' collateral pool. However, that's a management issue which would probably manifest itself in the pursuit of arrears: the assets in the pool (namely: your loans) would remain the same - same interest, same repayment terms. The 'tail' of derivative securities does not wag the pool of assets, even if they do indeed turn out to be dogs.