4. A liable student is a liable graduate who, in the academic year immediately following the end of their endowment course, has undertaken–
(a)a course of fundable higher education; or
(b)a series of 2 or more courses of fundable higher education where–
(i)after each course in the series is completed, the next course is started in the academic year immediately following the end of the completed course; and
(ii)the series comes to an end when a course is completed and no further course is started in the academic year following the completion of that course.
5. A liable student, before 1st April following the last day of the course referred to in regulation 4(a), or of the final course of the series referred to in regulation 4(b), (as the case may be), may apply to the Scottish Ministers for a loan in accordance with Part III of these Regulations for the purpose of discharging his or her graduate endowment liability.