- Latest available (Revised)
- Original (As made)
There are currently no known outstanding effects for the The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022, Cross Heading: Amendment of Part 5 (repayment by overseas borrowers).
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
54. In the heading to Part 5, after “Repayment” insert “of plan 1, 2, 3 and 5 loans”.
55.—(1) In the heading to regulation 71, after “Interpretation” insert “of Part 5”.
(2) In regulation 71—
(a)before the definition of “gross income” insert—
““borrower” means a borrower who has a plan 1, 2, 3 or 5 loan;”;
(b)omit the definition of “residence”.
56.—(1) In regulation 73(1), for “any student loan or any postgraduate degree loan” substitute “a plan 1, 2, 3 or 5 loan”.
(2) In regulation 73(2), for “a student loan or any postgraduate degree loan” substitute “the loan”.
57.—(1) The existing text of regulation 74 is renumbered as paragraph (1).
(2) In regulation 74(1), omit “calculated in accordance with regulation 76”.
(3) After regulation 74(1) insert—
“(2) The amount of the fixed instalment is the product of—
(a)the fixed instalment rate for the borrower’s loan, and
(b)the country-specific multiplier for the borrower’s country of residence.
(3) The fixed instalment rate for—
(a)a plan 1 loan is £246;
(b)a plan 2, 3 or 5 loan is calculated in accordance with regulation 74A.”.
58. After regulation 74 (repayment by fixed instalments) insert—
74A.—(1) The fixed instalment rate for a plan 2, 3 or 5 loan is the result of the formula—
(a)calculated on the 6th of April of each year, and
(b)rounded down to the nearest £1 (if necessary).
(2) The formula is—
(3) In the formula—
“x” means the median salary for graduates (to the nearest £500) in the most-recent year published by the Department for Education(1);
“y” means the repayment threshold for the loan.
Example |
---|
On 6th April, £36,000 is the median salary and £27,295 is the repayment threshold.
The fixed instalment rate is £335 (rounded down to the nearest £1).”. |
59.—(1) In regulation 75(4)—
(a)in sub-paragraph (a), for “student loan” substitute “plan 1, 2 or 5 loan”;
(b)in sub-paragraph (b), for “postgraduate degree loan” substitute “plan 3 loan”;
(2) In regulation 75(4A)(a), for “regulation 76” substitute “regulation 75A”.
(3) In regulation 75(4B)—
(a)for “(4)” substitute “(4)(b)”;
(b)for “due by—” to the end substitute “under paragraph (4)(a)”.
60. After regulation 75 (repayment by income-related instalments) insert—
75A. The applicable threshold is, in relation to a borrower’s loan, the amount—
(a)rounded up to the nearest £5 (if necessary), and
(b)being the product of—
(i)the repayment threshold for the loan, and
(ii)the country-specific multiplier for the borrower’s country of residence.”.
61. Omit regulation 76.
62. In regulation 77(1)—
(a)in sub-paragraph (a), after “repayments” insert “of a loan”;
(b)in sub-paragraph (b), for “a student loan or a postgraduate degree loan” substitute “the loan”.
The median salary for graduates is published at https://explore-education-statistics.service.gov.uk/find-statistics/graduate-labour-markets. Data published in a given calendar year is used to calculate the fixed instalment rate for the financial year beginning in the following calendar year.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: