69.—(1) Subject to regulation 72, 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;
(b)in any other case, in respect of the quarter in which, in the opinion of the Secretary of State, the longest of any vacation occurs.