Regulation 48

For regulation 44 substitute—

“(1)

Subject to regulation 46, 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 Welsh Ministers;

(b)

in any other case, in respect of the quarter in which, in the opinion of the Welsh Ministers, the longest of any vacation occurs.”