50.—(1) An eligible student may apply to borrow an additional amount of loan for living costs where —
(a)the Welsh Ministers determine that the maximum amount of loan for living costs which has been notified to the student in relation to an academic year should be increased (including an increase from nil) as a result of a reassessment of the student’s contribution or otherwise; and
(b)the Welsh Ministers consider that the increase in the maximum amount does not result from the eligible student —
(i)failing to provide information promptly which might affect his or her ability to qualify for a loan or the amount of loan for which he or she qualifies; or
(ii)providing information which is inaccurate in any material particular.
(2) The additional amount under paragraph (1) is an amount which when added to the amount already applied for does not exceed the increased maximum.
(3) Where an eligible student has applied for a loan of less than the maximum amount to which he or she is entitled in relation to the academic year, he or she may apply to borrow an additional amount which, when added to the amount already applied for, does not exceed the relevant maximum applicable in his or her case.
51.—(1) Subject to paragraph (2), loans bear interest at the rate which will result in an annual percentage rate of charge determined in accordance with the Consumer Credit (Total Charge for Credit) Regulations 1980(1) equal to the percentage increase between the retail prices all items index published by the Office for National Statistics for March 2007 and that index so published for March 2008.
(2) If the rate referred to in paragraph (1) exceeds the rate for the time being specified for the purposes of any exemption conferred by virtue of section 16(5)(b) of the Consumer Credit Act 1974(2) loans bear interest at the rate so specified.
(3) Interest is calculated on the principal outstanding daily and is added to the principal monthly.
(4) The index of prices to which the Welsh Ministers are required by section 22(8) of the Act to have regard in prescribing the rate of interest which loans bear is the retail prices all items index mentioned in paragraph (1).