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The Education (Student Loans) (Repayment) (Amendment) Regulations (Northern Ireland) 2024

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Changes over time for: Section 23

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There are currently no known outstanding effects for the The Education (Student Loans) (Repayment) (Amendment) Regulations (Northern Ireland) 2024, Section 23. Help about Changes to Legislation

Insertion of regulation 69A (how to calculate fixed instalment rate)N.I.

This section has no associated Explanatory Memorandum

23.  After regulation 69 (repayments by fixed instalments) insert—

How to calculate fixed instalment rate

69A.(1) The fixed instalment rate for a student loan is the result of the formula—

(a)calculated on the 6th of April of each year, and

(b)rounded down to the nearest £1 (if necessary).

formula

(2) In the formula—

x” means the median salary for graduates (to the nearest £500) in the most-recent year published by the Department for Education(1);

y” means the repayment threshold for the student loan as calculated under Regulation 24(6).

Commencement Information

I1Reg. 23 in operation at 6.4.2024, see reg. 1(2)

(1)

The median salary for graduates is published online at https://explore-education-statistics.service.gov.uk/find-statistics/graduate-labour-markets. Data published in a given calendar year is used to calculate the fixed instalment rate for the financial year beginning in the following calendar year.

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