Paragraph 7

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

Sch. 2 para. 4 words inserted by Education (Student Loans) 2007 reg. 12(4)
Sch. 2 para. 4C inserted by Education (Student Loans) 2007 reg. 12(5)
Sch. 2 para. 13A words substituted by Education (Student Loans) 2007 reg. 12(6)
Sch. 2 para. 13C inserted by Education (Student Loans) 2007 reg. 12(7)
Sch 2, para 1 defn(s) am (S) by Education (Student Loans) Amendment 2001 regs 2, 4
Sch 2, para 1 defn(s) am (E, W) by Education (Student Loans) 2001 regs 2, 4
Sch.2, para.15 amended by Education (Student Loans) 1998 reg.6
Sch.2, para.1 defn(s) amended by Education (Student Loans) 1999 reg.4(a)
Sch.2, para.3 amended by Education (Student Loans) 1999 reg.4(b)
Sch. 2 para. 1 words inserted by Personal Independence Payment (Supplementary Provisions and Consequential Amendments) 2013 Sch. para. 20
Sch. 2 para. 1 words substituted by Universal Credit (Consequential, Supplementary, Incidental and Miscellaneous Provisions) 2013 reg. 51
Sch. 2 para. 1 words inserted by Disability Assistance (Scottish Adult Disability Living Allowance) (Consequential Amendment, Revocation and Saving Provision) 2024 reg. 6
Sch. 2 para. 1 words substituted by Financial Services and Markets Act 2000 (Regulated Activities) 2013 Sch. para. 20
Sch. 2 para. 1 words inserted by Disability Assistance for Children and Young People (Consequential Amendment and Transitional Provision) 2021 reg. 5
Sch. 2 para. 1 words substituted by Consumer Credit (EU Directive) 2010 reg. 68
Sch. 2 para. 1 words inserted by Disability Assistance for Working Age People (Consequential and Miscellaneous Amendment and Transitional Provision) 2022 reg. 5
Sch 2, Pt I, para 1 defn(s) added (E, W) by Education (Student Loans) 2005 regs 4, 8(1), (2)
Sch 2, Pt I, para 4 am (E, W) by Education (Student Loans) 2005 regs 4, 8(1), (3)
Sch 2, Pt I, para 4A added (E, W) by Education (Student Loans) 2005 regs 4, 8(1), (4)
Sch 2, Pt I, para 13A added (E, W) by Education (Student Loans) 2005 regs 4, 8(1), (5)
sch 2 am by Education (Student Loans) 2006 reg 13
Sch. 2 para. 1 words substituted by Education (Student Loans) 2007 reg. 12(2)
Sch. 2 para. 1 words substituted by Education (Student Loans) 2007 reg. 12(3)
Sch. 2 para. 1 words inserted by Armed Forces and Reserve Forces Compensation Scheme (Consequential Provisions: Subordinate Legislation) 2013 Sch. para. 14(2)
Sch. 2 para. 1 words omitted by Employment and Support Allowance and Universal Credit (Miscellaneous Amendments and Transitional and Savings Provisions) 2017 Sch. 1 para. 13
Sch. 2 para. 1 words inserted by Welfare Reform 2013 reg. 5

The lender will work out the monthly repayment amount for each year by adding to the principal balance as at 1st September (or 1st April in the case of the first repayment amount) the amount of interest which will after taking account of repayments accrue over the remaining period of the loan at the current rate and dividing the total by the number of repayments then unpaid. The first monthly repayment amount will be fixed for five months beginning in April and from then on each monthly repayment amount will be fixed for 12 months beginning in September.