43.—(1) A loan which is made to a student pursuant to arrangements made under section 1 of the Education (Student Loans) Act 1990(1) or article 3 of the Education (Student Loans) (Northern Ireland) Order 1990(2) shall be treated as income.
(2) Any loan for which a student is eligible under the arrangements mentioned in paragraph (1) but which has not been acquired by him shall be treated as possessed by him and paragraph (1) shall apply accordingly; and for the purposes of this paragraph the loan for which a student is eligible is the maximum amount payable to him under those arrangements.
1990 c. 6; section 1 was amended by the Further and Higher Education Act 1992 (c. 13), section 93 and Schedule 8.
S.I. 1990/1506 (N.I. 11).