Regulation 69A How to calculate fixed instalment rateF1

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

Annotations

F1: Reg. 69A inserted (6.4.2024) by The Education (Student Loans) (Repayment) (Amendment) Regulations (Northern Ireland) 2024 (S.R. 2024/55), regs. 1(2), 23