56.—(1) Where a student is not in receipt of income by way of a grant the amount of the student's covenant income is to be calculated as follows—
(a)any sums intended for any expenditure specified in regulation 54(2)(a) to (e) (calculation of grant income) necessary as a result of the student's attendance on the course is to be disregarded;
(b)any covenant income, up to the amount of the standard maintenance grant, which is not disregarded, is to be apportioned equally between the weeks of the period of study;
(c)there is to be disregarded from the amount apportioned the amount which would have been disregarded under regulation 54(2)(f) and (3) had the student been in receipt of the standard maintenance grant; and
(d)the balance, if any, is to be divided by 52 or 53 whichever is reasonable in the circumstances and treated as weekly income of which £5 is to be disregarded.
(2) Where a student is in receipt of income by way of a grant and no contribution has been assessed, the amount of the student's covenanted income is to be calculated in accordance with paragraph (1), except that—
(a)the value of the standard maintenance grant is to be abated by the amount of the grant income less an amount equal to the amount of any sums disregarded under regulation 54(2)(a) to (e); and
(b)the amount to be disregarded under paragraph (1)(c) is to be abated by an amount equal to the amount of any sums disregarded under regulation 54(2)(f) and (g) and (3).