74.—(1) Subject to regulation 77, the loan for living costs and the long courses loan are payable in respect of three quarters of the academic year.
(2) The loan for living costs is not payable—
(a)in the case of a compressed degree student, in respect of the quarter nominated by the Secretary of State;
(b)in any other case, in respect of the quarter in which, in the opinion of the Secretary of State, the longest of any vacation occurs.
(3) The long courses loan is not payable in respect of the quarter nominated by the Secretary of State.