SCHEDULES
C2F6 SCHEDULE 2 Loans for Students
Sch. 2 amended(prosp.) by 1998 c. 29, ss. 74(1), 75(2)(3), Sch. 15 para.10
Principal, interest and payments
1
1
Regulations made by the Secretary of State shall—
a
prescribe the maximum amount of the F1public sector student loan that may be made to a student in any year;
F2b
require the terms of every agreement for a public sector student loan to include—
i
such terms relating to the time and manner of repayments,
ii
such terms relating to the interest to be borne by the loan, and
iii
such terms under which the borrower’s liability may be deferred or cancelled,
as are prescribed by the regulations.
2
The maximum amount prescribed under sub-paragraph (1)(a) above for the loan to be made to a student in any year shall not exceed—
a
the amount specified as the ordinary maintenance requirement for students of the class or description to which he belongs by regulations having effect for that year under section 1(1) of the M1Education Act 1962 (mandatory awards); or
b
if no such amount is specified for students of the class or description to which he belongs, such amount as the Secretary of State considers appropriate for students of that class or description having regard to the amount specified as mentioned in paragraph (a) above;
but regulations, other than the first, made under sub-paragraph (1)(a) above may prescribe a higher maximum if a draft of the regulations has been laid before and approved by a resolution of each House of Parliament.
3
Regulations F3made in pursuance of sub-paragraph (1)(b)(i) above shall make such separate provision as the Secretary of State considers appropriate with respect to the repayment of loans by borrowers who are disabled.
F44
Regulations made in pursuance of sub-paragraph (1)(b)(ii) above shall make such provision with respect to the rate of interest for the time being applicable to a public sector student loan as the Secretary of State considers appropriate to maintain the value in real terms of the outstanding amount of the loan.
5
The provision required by sub-paragraph (4) above shall be framed by reference to such index of prices as may be specified in, or determined in accordance with, the regulations.
F5C16
Nothing in any regulations under sub-paragraph (1)(b) above shall affect the terms of any agreement for a public sector student loan entered into before the date of the coming into force of the regulations.
Act repealed (13.8.1998 subject to savings as mentioned in arts. 2, 3 of the commencing S.I.) by 1998 c. 30, s. 44(2), Sch. 4 (with s. 42(8)); S.I. 1998/2004, arts. 2, 3; and Act amended (1.3.2000) by 1998 c. 29, s. 74(1), Sch. 15 para. 10; S.I. 2000/183, art. 2; and further amended (1.4.2001) by 2000 c. 21, ss. 151(3), Sch. 10 Pt. IV para. 18(2); S.I. 2001/654, art. 2(2), Sch. Pt. II (with art. 3); and further amended (1.7.2004) by Higher Education Act 2004 (c. 8), s. 42(3)-(5), 52(1); and further amended (S.) (1.4.2008) by Bankruptcy and Diligence Act 2007 (asp 3), s. 34(2)(a)(b)