Regulation 21B Interest rate on plan 3 loansF1F12

F2Subject to paragraph (1A), the F3... interest rate in relation to a F4plan 3 loan is F5the standard interest rate plus 3%.

Where, at any time during the period commencing with 1st September 2026 and ending at the end of 31st August 2027, the interest rate determined under paragraph (1) exceeds 6%, the interest rate is deemed to be 6%.

Interest accrues beginning with the day on which any part of the loan is paid.

Interest is calculated on the principal outstanding daily and is added to the principal monthly.

The Authority must publish, at least once a year, by whatever means and in whatever media the Authority thinks fit, the interest rate for the forthcoming academic year or part of that year.

This regulation is subject to regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).

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