Regulation 15 New regulation 21B

After regulation 21A, insert—

“Interest rate on postgraduate master’s degree loans

21B.

(1)

The interest rate in relation to a postgraduate master’s degree loan is RPI plus 3%.

(2)

Interest accrues as of the date that the first payment of the loan is paid out under—

(a)

regulation 13 of the 2016 Postgraduate Regulations; or

(b)

regulation 13 of the 2017 Postgraduate Wales Regulations.

(3)

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

(4)

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.

(5)

In this regulation, “RPI” means the percentage increase between the retail prices all items index published by the National Office for Statistics for the two Marches immediately before the commencement of the academic year.”.