{
  "url": "https://openlegislation.uk/education-student-loans-repayment-regulations-2009/regulation-21",
  "json_url": "https://openlegislation.uk/education-student-loans-repayment-regulations-2009/regulation-21.json",
  "legislation": "uksi/2009/470",
  "legislation_title": "The Education (Student Loans) (Repayment) Regulations 2009",
  "legislation_url": "https://openlegislation.uk/education-student-loans-repayment-regulations-2009",
  "path": "regulation/21",
  "kind": "regulation",
  "number": "21",
  "heading": "Interest rate on plan 1 loans",
  "text": "(A1) This regulation applies in relation to plan 1 loans.\n(1) Subject to paragraph (2), during any academic year, if the Authority determines that plan 1 loans will bear interest, loans bear interest at the rate which will result in an annual percentage rate of charge determined in accordance with total charge for credit rules equal to the standard interest rate.\n(2) If the rate referred to in paragraph (1) exceeds the rate for the time being specified by article 60G(3)(d) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 plan 1 loans bear interest at the rate so specified.\n(3) Interest is calculated on the principal outstanding daily and is added to the principal monthly.\n(4) The index of prices to which the Authority is required by section 22(8) of the 1998 Act to have regard in prescribing the rate of interest which plan 1 loans bear is the retail price index.\n(5) The Authority must publish, at least once a year, by whatever means and in whatever media the Authority thinks fit, the interest rate determined in accordance with paragraph (1) for any forthcoming academic year, subject to any variation required by virtue of paragraph (2) to be applied.\n(6) If, for any academic year, the Authority determines not to charge interest on plan 1 loans, the Authority must publish notice of that fact in the same manner.\n(7) If, for any academic year, the Authority publishes more than one rate of interest to apply to plan 1 loans, any subsequent rate so published will replace any previously published rate as the rate to apply from the date specified in the notice.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 21(A1) inserted (18.6.2012) by The Education (Student Loans) (Repayment) (Amendment) (No. 2) Regulations 2012 (S.I. 2012/1309), regs. 1(1), 9"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 21(A1) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in reg. 21(1) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(3)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 21(1) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(3)(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in reg. 21(1) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(3)(c)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in reg. 21(2) substituted (26.7.2013 for specified purposes, 1.4.2014 in so far as not already in force) by The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No.2) Order 2013 (S.I. 2013/1881), art. 1(2)(6), Sch. para. 41(2)(b)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in reg. 21(2) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(4)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in reg. 21(4) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(5)(a)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Words in reg. 21(4) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(5)(b)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in reg. 21(6) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(6)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in reg. 21(7) substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(6)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Words in reg. 21 heading substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 24(1)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 21 in force at 1.9.2009, see reg. 1(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/470/regulation/21",
    "retrieved_at": "2026-10-29T03:16:41.591721+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."
}