70.—(1) Subject to regulation 71, the loan for living costs is payable in respect of three quarters of the academic year.
(2) The loan for living costs is not payable—
(a)in the case of a compressed degree student, in respect of the quarter nominated by the Secretary of State for Education and Skills;
(b)in any other case, in respect of the quarter in which, in the opinion of the Department, the longest of any vacation occurs.