{
  "url": "https://openlegislation.uk/education-student-loans-repayment-amendment-no-4-regulations-2022/regulation-58",
  "json_url": "https://openlegislation.uk/education-student-loans-repayment-amendment-no-4-regulations-2022/regulation-58.json",
  "legislation": "uksi/2022/1335",
  "legislation_title": "The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/education-student-loans-repayment-amendment-no-4-regulations-2022",
  "path": "regulation/58",
  "kind": "regulation",
  "number": "58",
  "heading": "Insertion of regulation 74A (how to calculate fixed instalment rate)",
  "text": "After regulation 74 (repayment by fixed instalments) insert—\n“How to calculate fixed instalment rate\n74A. (1) The fixed instalment rate for a plan 2, 3 or 5 loan is the result of the formula—\n(a) calculated on the 6th of April of each year, and\n(b) rounded down to the nearest £1 (if necessary).\n(2) The formula is—\n(3) In the formula—\n“x” means the median salary for graduates (to the nearest £500) in the most-recent year published by the Department for Education;\n“y” means the repayment threshold for the loan.\nExample\nOn 6th April, £36,000 is the median salary and £27,295 is the repayment threshold.\n£36,000 multiplied by two is £72,000.\n£27,295 subtracted from £72,000 is £44,705.\n£44,705 multiplied by 0.09 is £4,023.45.\n£4,023.45 divided by 12 is £335.29.\nThe fixed instalment rate is £335 (rounded down to the nearest £1).\n”.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 58 in force at 6.4.2023, see reg. 2(2)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "The median salary for graduates is published at https://explore-education-statistics.service.gov.uk/find-statistics/graduate-labour-markets. Data published in a given calendar year is used to calculate the fixed instalment rate for the financial year beginning in the following calendar year."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1335/regulation/58",
    "retrieved_at": "2026-10-28T21:52:02.447712+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}