Regulation 7 Amendments to regulation 4 (application: general)I1

The existing text of regulation 4 is renumbered as paragraph (1).

In regulation 4(1), omit “and postgraduate degree loans made under the 1998 Act”.

After regulation 4(1) insert—

“(2)

The repayment of a student loan is the payment of the following to the extent they have not been repaid or paid—

(a)

in relation to a plan 1, 2, 3 or 5 loan—

(i)

interest payable under Part 2,

(ii)

penalties, costs, expenses or charges payable under Part 2 or 5, and

(iii)

the principal;

(b)

in relation to a plan 4 loan—

(i)

interest payable under an enactment cited in regulation 3D,

(ii)

penalties, costs, expenses or charges payable under the 2000 (Scotland) Regulations, and

(iii)

the principal.

(3)

The principal of a student loan includes any interest, penalties, costs, expenses or charges added to the principal in accordance with any of the following—

(a)

in relation to a plan 1 loan—

(i)

an enactment cited in regulation 3A;

(ii)

the Education (Student Loans) (Repayment) Regulations 2000^f1;

(iii)

these Regulations;

(b)

in relation to a plan 4 loan—

(i)

an enactment cited in regulation 3D;

(ii)

the 2000 (Scotland) Regulations;

(c)

in relation to any other student loan, these Regulations.

(4)

In relation to a transferred loan, paragraphs (2) and (3) are subject to any provision included in its transfer arrangements.”.