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

Amendment of Part 2 (provisions applicable to all repayments)

Insertion of regulation 20B (interest rate not to exceed prevailing market rate)I122

After regulation 20A (excess payments: more than one loan) insert—

Interest rate not to exceed prevailing market rate20B

1

This regulation applies if the interest rate at which a post-2012 student loan or a postgraduate degree loan27 bears interest exceeds the prevailing market rate (if any).

2

The Authority must substitute the prevailing market rate for the interest rate.

3

In this regulation—

  • “interest rate” means the interest rate calculated in accordance with regulation 21A or 21B (as the case may be);

  • “prevailing market rate” means, for the period specified in the left-hand column of the table, the rate specified in the right-hand column of the table in relation to that period.

    Period (inclusive of dates)

    Prevailing market rate

    1st July 2021 to 31st August 2021

    5.3%

    1st September 2021 to 30th September 2021

    4.2%

    1st October 2021 to 31st December 2021

    4.1%

    1st January 2022 to 28th February 2022

    4.4%

    1st March 2022 to 31st August 2022

    (no rate specified)

    1st September 2022 to 30th November 2022

    6.3%

    1st December 2022 to 28th February 2023

    6.5%

    Any other period

    (no rate specified)