54.—(1) This regulation applies to a new system eligible student with full entitlement who is a 2010 cohort student, a 2012 cohort student or a 2012 accelerated graduate entry student who is undertaking their first year of study.
(2) Subject to regulations 57 to 62, the maximum amount of loan for living costs for which a student to whom this regulation applies qualifies in respect of an academic year other than a final year of a course that is not an intensive course is equal to (X-Y) where—
X is, for such a student in—
category 1, £3,987;
category 2, £7,215;
category 3, £6,140;
category 4, £6,140;
category 5, £5,150;
Y is the maintenance grant amount.
(3) Subject to regulations 57 to 62, the maximum amount of loan for living costs for which a student to whom this regulation applies qualifies in respect of an academic year that is the final year of a course that is not an intensive course is equal to (X-Y) where—
X is, for such a student in—
category 1, £3,608;
category 2, £6,570;
category 3, £5,340;
category 4, £5,340;
category 5, £4,771;
Y is the maintenance grant amount.
(4) In this regulation, “the maintenance grant amount” (“swm y grant cynhaliaeth”) is—
(a)where the new system eligible student referred to in paragraph (1) qualifies under regulation 43 for an amount of maintenance grant, the amount that is equal to £0.50 for every £1 of maintenance grant for which that student qualifies, up to a maximum value for Y of £2,575;
(b)where no maintenance grant is payable under regulation 43, nil.