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Regulation 8 Amendment of the Principal Regulations

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

Schedule 2 is amended in accordance with this regulation.

(2)

In paragraph 1 after the definition of “lender”, insert—

  • ““old loan” and “new academic year” have the meaning given in regulation 3(1) of the Education (Student Loans) Regulations 1998;”.

(3)

In paragraph 4 for “the borrower” in the first place it occurs, substitute—

“Subject to paragraph 4A, the borrower”.

(4)

After paragraph 4, insert—

“4A.

If the loan which is the subject of the loan agreement is an old loan and the borrower had completed the course in respect of which he applied for that loan before he entered into the loan agreement, the borrower must make the first repayment in April 2007 unless—

(a)

the borrower defers repayment under paragraph 9;

(b)

the lender cancels the borrower’s loan under paragraph 12; or

(c)

paragraph 13 or 13A applies.”.

(5)

After paragraph 13, insert—

“13A.

If when the borrower takes out an old loan, he has already entered into an agreement for a loan in relation to a further course of study for a new academic year, the lender will not ask him to make any or any more repayments under the loan agreement for the old loan until he begins to repay the loan taken out in relation to the further course of study. The number of repayments for the old loan will then be the same as for the new loan.”.