2023 No. 129
Education

The Education (Student Loans) (Repayment) (Amendment) Regulations 2023

Made
Laid before Parliament
Laid before Senedd Cymru
Coming into force
The Secretary of State for Education makes these Regulations in exercise of the powers conferred by sections 22(2)(g), (3)(a), (4)(a), (5) and 42(6) of the Teaching and Higher Education Act 19981.
The Welsh Ministers make these Regulations in exercise of the powers conferred by sections 22(2)(g), (3)(a), (4)(a) and 42(6) of the Teaching and Higher Education Act 19982.

Citation, commencement and extent1.

(1)

These Regulations may be cited as the Education (Student Loans) (Repayment) (Amendment) Regulations 2023 and come into force on 1st March 2023.

(2)

These Regulations extend to England and Wales, Scotland and Northern Ireland.

Amendment of the Education (Student Loans) (Repayment) Regulations 20092.

(1)

The Education (Student Loans) (Repayment) Regulations 20093 are amended in accordance with paragraph (2).

(2)

In the table in regulation 20B(3), after the row for the period “1st December 2022 to 28th February 2023”, insert the following new row—

“1st March 2023 to 31st May 2023

6.9%”

Signed by authority of the Secretary of State for Education

Barran
Parliamentary Under Secretary of State
Department for Education
Jeremy Miles
Minister for Education and Welsh Language, one of the Welsh Ministers
EXPLANATORY NOTE
(This note is not part of the Regulations)

These Regulations amend the Education (Student Loans) (Repayment) Regulations 2009 (S.I. 2009/470) (“the Principal Regulations”), which make provision for the repayment of income-contingent student loans in England and Wales.

Regulation 2 makes provision for a temporary reduction of the interest rate on undergraduate loans specified in regulation 21A and in respect of postgraduate degree loans specified in regulation 21B of the Principal Regulations. The interest rate is set at 6.9% for the period beginning with 1st March 2023 and ending with 31st May 2023. After that date, the interest rate will revert to the original rate specified in the Principal Regulations.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen.

The Welsh Ministers’ Code of Practice on the carrying out of Regulatory Impact Assessments was considered in relation to these Regulations. As a result, it was not considered necessary to carry out a regulatory impact assessment as to the likely costs and benefits of complying with these Regulations.