Regulation 23 Insertion of regulation 69A (how to calculate fixed instalment rate)I1

After regulation 69 (repayments by fixed instalments) insert—

“How to calculate fixed instalment rate

69A.

(1)

The fixed instalment rate for a student 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).

$$\frac{\left(2x-y\right)\times 0.09}{12}$$

(2)

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^f1;

• “y” means the repayment threshold for the student loan as calculated under Regulation 24(6).”