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The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022
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There are currently no known outstanding effects for the The Education (Student Loans) (Repayment) (Amendment) (No. 4) Regulations 2022, Section 58.
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Insertion of regulation 74A (how to calculate fixed instalment rate)E+W
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58. After regulation 74 (repayment by fixed instalments) insert—
“How to calculate fixed instalment rate
74A.—(1) The fixed instalment rate for a plan 2, 3 or 5 loan is the result of the formula—
(a)calculated on the 6th of April of each year, and
(b)rounded down to the nearest £1 (if necessary).
(2) The formula is—
(3) In the formula—
“x” means the median salary for graduates (to the nearest £500) in the most-recent year published by the Department for Education(1);
“y” means the repayment threshold for the loan.
| Example |
|---|
On 6th April, £36,000 is the median salary and £27,295 is the repayment threshold.
The fixed instalment rate is £335 (rounded down to the nearest £1).”. |
(1)
The median salary for graduates is published at https://explore-education-statistics.service.gov.uk/find-statistics/graduate-labour-markets. Data published in a given calendar year is used to calculate the fixed instalment rate for the financial year beginning in the following calendar year.
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