PART 2Provisions Applicable to all Repayments
RefundsI115
1
Where the Department has received a repayment either directly from the borrower or from HMRC under Part 4—
a
which results in the student loan being repaid in full, or
b
when the student loan has already been repaid in full,
the Department must refund to the borrower any amount not required to repay the loan in full together with interest calculated as if it were the principal of a student loan outstanding from the date of receipt of the repayment to the date of the refund.
2
Where the Department is considered to have received a payment from HMRC under Part 3 in respect of a tax year—
a
which results in the student loan being repaid in full, or
b
when the student loan has already been repaid in full,
the repayment will be considered to have been received by the Department on 31st January next following the tax year in accordance with regulation 12(b) and the Department must refund to HMRC for the borrower’s account any overpayment which results from the receipt.
3
A refund under paragraph (2) will not carry interest and HMRC will be considered to have received the refund on the date on which the amount refunded was considered to have been received by the Department in accordance with regulation 12.
4
Where the Department has received a repayment by way of deduction from the borrower’s earnings for a tax year in accordance with Part 4 and those earnings do not exceed F1the repayment threshold, the Department must refund the amount deducted if the borrower applies for a refund.