# The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022, Regulation 58: Insertion of regulation 74A (how to calculate fixed instalment rate)

Extent: E+W

After regulation 74 (repayment by fixed instalments) insert—
“How to calculate fixed instalment rate
74A. (1) The fixed instalment rate for a plan 2, 3 or 5 loan is the result of the formula—
(a) calculated on the 6th of April of each year, and
(b) rounded down to the nearest £1 (if necessary).
(2) The formula is—
(3) In the formula—
“x” means the median salary for graduates (to the nearest £500) in the most-recent year published by the Department for Education;
“y” means the repayment threshold for the loan.
Example
On 6th April, £36,000 is the median salary and £27,295 is the repayment threshold.
£36,000 multiplied by two is £72,000.
£27,295 subtracted from £72,000 is £44,705.
£44,705 multiplied by 0.09 is £4,023.45.
£4,023.45 divided by 12 is £335.29.
The fixed instalment rate is £335 (rounded down to the nearest £1).
”.

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Source: https://www.legislation.gov.uk/uksi/2022/1335/regulation/58 (the official version)
Page: https://openlegislation.uk/education-student-loans-repayment-amendment-no-4-regulations-2022/regulation-58
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.