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The Education (Student Loans) (Repayment) (Amendment) Regulations 2018

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Amendment of the Education (Student Loans) (Repayment) Regulations 2009

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4.  In regulation 21A—

(a)omit paragraphs (12) and (13);

(b)after paragraph (11) insert—

(12) For a borrower to whom Part 3 or 4 applies, the lower interest threshold is—

(a)for the repayment threshold year ending on 5 April 2019, an amount of £25,000;

(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—

A is the lower interest threshold in the previous repayment threshold year, and

B is the relevant percentage difference in average earnings.

(12A) For a borrower to whom Part 5 applies, the lower interest threshold is—

(a)for the repayment threshold year ending on 5 April 2019, an amount to be determined by reference to the most recent price level index for the borrower’s country of residence and in accordance with the following table—

BandPrice level indexLower interest threshold
A0<30£5,000
B30<50£10,000
C50<70£15,000
D70<90£20,000
E90<110£25,000
F110<130£30,000
G130+£35,000

(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—

A is the lower interest threshold in the previous repayment threshold year for the band now applicable to the borrower’s country of residence, and

B is the relevant percentage difference in average earnings.

(13) For a borrower to whom Part 3 or 4 applies, the higher interest threshold is—

(a)for the repayment threshold year ending on 5 April 2019, an amount of £45,000;

(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—

A is the higher interest threshold in the previous repayment threshold year, and

B is the relevant percentage difference in average earnings.

(13A) For a borrower to whom Part 5 applies, the higher interest threshold is—

(a)for the repayment threshold year ending on 5 April 2019, an amount to be determined by reference to the most recent price level index for the borrower’s country of residence and in accordance with the following table—

BandPrice level indexHigher interest threshold
A0<30£9,000
B30<50£18,000
C50<70£27,000
D70<90£36,000
E90<110£45,000
F110<130£54,000
G130+£63,000

(b)for each subsequent repayment threshold year, an amount equal to A + (A x B) and rounded up to the nearest £5 where—

A is the higher interest threshold in the previous repayment threshold year for the band now applicable to the borrower’s country of residence, and

B is the relevant percentage difference in average earnings.

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