Regulation 21C Interest rate on plan 5 loansF1
A plan 5 loan bears interest at the standard interest rate.
Interest accrues beginning with the day on which any part of the loan is paid.
Interest is—
calculated on the outstanding principal of the loan daily, and
added to the outstanding principal of the loan monthly.
This regulation is subject to regulation 20BA (interest rate cap: plan 2, plan 3 and plan 5 loans).
Annotations
Textual amendments
- F1
Reg. 21C inserted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 28
- F2
Reg. 21C(4) substituted (1.12.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 3) Regulations 2023 (S.I. 2023/1184), regs. 1(2), 3(5)
Notes on Part 2
Textual amendments
- F1
Pt. 2 heading substituted (6.4.2023) by The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022 (S.I. 2022/1335), regs. 2(2), 12