The Education (Student Loans) (Repayment) (Amendment) Regulations 2026

Explanatory note

Reproduced verbatim from the instrument as published on legislation.gov.uk (Crown Copyright, Open Government Licence v3.0). The note is prepared by the responsible government department and is not part of the instrument itself.

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

Regulation 3(2) makes temporary amendments to regulation 21A of the 2009 Regulations (interest rate on plan 2 loans) to provide that, during the 2026/27 academic year (the period commencing with 1st September 2026 and ending at the end of 31st August 2027), a maximum rate of interest of 6% is payable on a plan 2 loan which bears interest at the standard interest rate plus the additional interest rate or at the standard interest rate plus 3%. Regulation 3(3) makes temporary amendments to regulation 21B of the 2009 Regulations (interest rate on plan 3 loans) to provide that, during the 2026/27 academic year, the maximum rate of interest payable on a plan 3 loan is 6%.

A full impact assessment for this instrument has not been produced 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 also 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.