2009 No. 189

EDUCATION

The Education (Interest on Student Loans) (Scotland) Regulations 2009

Made

Laid before the Scottish Parliament

Coming into force

The Scottish Ministers make the following Regulations in exercise of the powers conferred by sections 73(f), 73B and 74(1) of the Education (Scotland) Act 19801 and all other powers enabling them to do so.

Citation and commencement1

These Regulations may be cited as the Education (Interest on Student Loans) (Scotland) Regulations 2009 and come into force on 25th June 2009.

Amendment of the Education (Student Loans for Tuition Fees) (Scotland) Regulations 20062

In regulation 11(1) (interest) of the Education (Student Loans for Tuition Fees) (Scotland) Regulations 20062 after “paragraph (2),” insert “if the Scottish Ministers determine that loans are to bear interest,”.

Amendment of the Education (Student Loans) (Scotland) Regulations 20073

In regulation 14(1) (interest) of the Education (Student Loans) (Scotland) Regulations 20073 after “paragraph (2),” insert “if the Scottish Ministers determine that loans are to bear interest,”.

FIONA HYSLOPA member of the Scottish ExecutiveSt Andrew’s House,Edinburgh

(This note is not part of the Regulations)

These Regulations amend the Education (Student Loans for Tuition Fees) (Scotland) Regulations 2006 (“the 2006 Regulations”) and the Education (Student Loans) (Scotland) Regulations 2007 (“the 2007 Regulations”).

The effect of these amendments is that the interest rates prescribed by the 2006 Regulations and the 2007 Regulations only apply to student loans which the Scottish Ministers have determined are to bear interest. Where the Scottish Ministers make such a determination then, subject to the low interest cap imposed by consumer credit legislation, the rate set by the Scottish Ministers will continue to be the equivalent to the annual percentage increase in the Retail Prices (All items) Index for the month of March preceding the beginning of the academic year in August or September.