PART 2Amendment of the Education (Student Loans) (Repayment) Regulations 2009
Amendment of Part 2 (provisions applicable to all repayments)
Amendments to regulation 16 (timing of repayment: teachers and eligible teachers)I116
1
For the heading to regulation 16 substitute—
Deferral of repayment: initial training of teachers
2
Omit regulation 16(1) and (2).
3
In regulation 16(3)—
a
in sub-paragraph (a), for “student loan” substitute “plan 1, 2 or 5 loan”
;
b
in sub-paragraph (b), for “student loan” substitute “loan”
;
c
in the words following sub-paragraph (b), for “student loan” substitute “plan 1, 2 or 5 loan”
.
4
After regulation 16(3) insert—
3A
If the loan the borrower is not required to repay by virtue of paragraph (3) is a plan 2 loan, for the period the borrower is not required to repay that loan, the rate at which the loan bears interest is the lower of—
a
the standard interest rate, or
b
the prevailing market rate (if any) set out in regulation 20B.
3B
Paragraph (3A) applies despite regulation 21A (interest rate on plan 2 loans).
5
Omit regulation 16(4), (5) and (6).