Amount of the higher education grant
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61.—(1) The maximum amount of higher education grant available in respect of an academic year is £1,000.
(2) An old system student who qualifies for a higher education grant receives an amount as follows—
(a)where the household income is £16,340 or less, he receives £1,000;
(b)where the household income exceeds £16,340 and does not exceed £22,325, he receives an amount equal to 
M is £1,000
A is £1 for every complete £6.30 by which the household income exceeds £16,340; and
(c)where the household income exceeds £22,325, no higher education grant is payable.