# The Education (Student Loans) (Repayment) (Amendment) Regulations (Northern Ireland) 2024, Regulation 23: Insertion of regulation 69A (how to calculate fixed instalment rate)

Extent: N.I.

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).
2x-y×0.0912
(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;
“y” means the repayment threshold for the student loan as calculated under Regulation 24(6).”

---
Source: https://www.legislation.gov.uk/nisr/2024/55/regulation/23 (the official version)
Page: https://openlegislation.uk/education-student-loans-repayment-amendment-regulations-northern-ireland-2024/regulation-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.