3.—(1) This paragraph shall apply in the case of a student with one or more child dependants under the age of 19 years and for the purpose of this paragraph “child” shall have the same meaning as in Part III of Schedule 7.
(2) Such a student may elect that the sum specified as his requirements in Part III of Schedule 7 shall be disregarded and that instead there shall in calculating his income be disregarded £2,195 in respect of his only or eldest child such as is mentioned in sub-paragraph (1) and £695 in respect of every other such child.