Amendment of regulation 20

12.—(1) Regulation 20 (refunds) is amended as follows.

(2) In paragraph (1)(a) and (b)(1), after “the student loan”, insert “or the postgraduate master’s degree loan”.

(3) After paragraph (1A)(c), insert—

“(d)for a postgraduate master’s degree loan, as if it were the principal of a postgraduate master’s degree loan, outstanding from the date of receipt of the repayment to the earlier of—

(i)the end of a period of 60 days after the Authority issues a notice, or

(ii)the date on which the Authority makes the refund to the borrower,

after which period no interest will accrue.”.

(4) In paragraph (1B), for “and (c)(i)”, substitute “, (c)(i) and (d)(i)”.

(5) In paragraph (2)(a) and (b), after “the student loan”, insert “or the postgraduate master’s degree loan”.

(6) In paragraph (4), for “(6), (6A) and (9)”, substitute “regulation 20A”.

(7) Omit paragraphs (6) to (9).