PART 2U.K.Amendment of the Education (Student Loans) (Repayment) Regulations 2009

Amendment of Part 2 (provisions applicable to all repayments)U.K.

Amendments to regulation 21A (interest rate on post-2012 student loans)E+W

25.—(1) In the heading to regulation 21A, for “post-2012 student loans” substitute “plan 2 loans”.

(2) In regulation 21A(1), for “post-2012 student loans” substitute “plan 2 loans”.

(3) In regulation 21A(2)—

(a)in the words before sub-paragraph (a)—

(i)omit “(3),”;

(ii)for “post-2012 student loans” substitute “plan 2 loans”;

(b)in sub-paragraph (b), for “borrower to whom Part 3 or 4 applies” substitute “domestic borrower”;

(c)in sub-paragraphs (c) and (d), for “a borrower for whom Part 5 applies” substitute “an overseas borrower”.

(4) Omit regulation 21A(2ZA).

(5) In regulation 21A(2A)—

(a)in the words before sub-paragraph (a)—

(i)for “student loan” substitute “loan”;

(ii)“post-2012 student loans bear” substitute “the loan bears”.

(b)in sub-paragraph (a), for “borrower to whom Part 3 or 4 applies and also applied” substitute “domestic borrower who was a domestic borrower”;

(c)in sub-paragraphs (b) and (c), for “a borrower for whom Part 5 applies” substitute “an overseas borrower”.

(6) In regulation 21A(2B)(b), for “student loan” substitute “loan”.

(7) In regulation 21A(2C)—

(a)for “student loan” substitute “loan”;

(b)for “post-2012 student loans bear” substitute “the loan bears”.

(8) In regulation 21A(2D), omit “post-2012 student”.

(9) In regulation 21A(2E) and (2F), omit “post-2012 student”.

(10) Omit regulation 21A(3).

(11) In regulation 21A(4), for “post-2012 student loans bear” substitute “their loan bears”.

(12) In regulation 21A(8), for “post-2012 student loans” substitute “plan 2 loans”.

(13) Omit regulation 21A(8A) and (8B).

(14) Omit regulation 21A(9).

(15) After regulation 21A(11) insert—

“(11A) This regulation is subject to regulation 20B (interest rate not to exceed prevailing market rate).”.

(16) For regulation 21A(11A) substitute—

“(11A) This regulation is subject to the following—

(a)regulation 16 (deferral of repayment: initial training of teachers);

(b)regulation 20B (interest rate not to exceed prevailing market rate).”.

(17) After regulation 21A(11A) insert—

“(11B) In this regulation—

“higher interest threshold” means the higher interest threshold set out in, or calculated in accordance with, regulation 21AA;

“lower interest threshold” means the lower interest threshold set out in, or calculated in accordance with, regulation 21AB.”.

(18) Omit regulation 21A(12), (12A), (13), (13A), (14) and (15).