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30.—(1) Where the Authority has received a repayment either directly from the borrower or from HMRC under Chapter 4 of this Part—
(a)which results in the postgraduate master’s degree loan being repaid in full; or
(b)when the postgraduate master’s degree loan has already been repaid in full,
the Authority must refund to the borrower any amount not required to repay the loan in full together with interest calculated in accordance with paragraph (2).
(2) Interest is calculated as if it were the principal of a postgraduate master’s degree loan, outstanding from the date of receipt of the repayment to the earlier of—
(a)the end of a period 60 days after the Authority issues a notice; or
(b)the date on which the Authority makes the refund to the borrower,
after which period no interest will accrue.
(3) The notice to the borrower under paragraph (2)(a) must state that interest will accrue on any overpayment from the date of receipt of the repayment, under paragraph (1), until the earlier of—
(a)the end of a period 60 days after the Authority issues the notice; or
(b)the date on which the Authority makes the refund to the borrower,
after which period no interest will accrue.
(4) Where the Authority is considered to have received a payment from HMRC under Chapter 3 of this Part in respect of a tax year—
(a)which results in the postgraduate master’s degree loan being repaid in full; or
(b)when the postgraduate master’s degree loan has already been repaid in full,
the repayment is considered to have been received by the Authority on 31 January next following the tax year in accordance with regulation 27(b) and the Authority must refund to HMRC for the borrower’s account any overpayment which results from the receipt.
(5) A refund under paragraph (4) does not carry interest and HMRC is to be considered to have received the refund on the date on which the amount refunded is considered to have been received by the Authority in accordance with regulation 27.
(6) Where the Authority has received a repayment by way of deduction from the borrower’s earnings for a tax year in accordance with Chapter 4 and those earnings do not exceed the repayment threshold, the Authority must refund the amount deducted if the borrower applies for a refund.
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