Regulation 22 Insertion of regulation 20B (interest rate not to exceed prevailing market rate)I1

After regulation 20A (excess payments: more than one loan) insert—

“Interest rate not to exceed prevailing market rate

20B.

(1)

This regulation applies if the interest rate at which a post-2012 student loan or a postgraduate degree loan^f1 bears interest exceeds the prevailing market rate (if any).

(2)

The Authority must substitute the prevailing market rate for the interest rate.

(3)

In this regulation—

• “interest rate” means the interest rate calculated in accordance with regulation 21A or 21B (as the case may be);

• “prevailing market rate” means, for the period specified in the left-hand column of the table, the rate specified in the right-hand column of the table in relation to that period.

  Period (inclusive of dates)	Prevailing market rate
  1st July 2021 to 31st August 2021	5.3%
  1st September 2021 to 30th September 2021	4.2%
  1st October 2021 to 31st December 2021	4.1%
  1st January 2022 to 28th February 2022	4.4%
  1st March 2022 to 31st August 2022	(no rate specified)
  1st September 2022 to 30th November 2022	6.3%
  1st December 2022 to 28th February 2023	6.5%
  Any other period	(no rate specified)

”.