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STATUTORY INSTRUMENTS
2026 No. 743
EDUCATION, ENGLAND AND WALES
The Education (Student Loans) (Repayment)
(Amendment) Regulations 2026
Made - - - - 2nd July 2026
Laid before Parliament 6th July 2026
Laid before Senedd Cymru 6th July 2026
Coming into force - - 1st September 2026
The Secretary of State makes these Regulations in relation to England in exercise of the powers
conferred by sections 22(2)(g), (3)(a) and 42(6) of the Teaching and Higher Education Act 1998(1).
The Welsh Ministers make these Regulations in relation to Wales in exercise of the powers
conferred by sections 22(2)(g), (3)(a) and 42(6) of the Teaching and Higher Education Act 1998(2).
Citation, commencement and extent
1. These Regulations—
(a) may be cited as the Education (Student Loans) (Repayment) (Amendment) Regulations
2026,
(b) come into force on 1st September 2026, and
(c) extend to England and Wales.
Expiry
2. These Regulations expire at the end of 31st August 2027.
(1) 1998 c. 30. Section 22(2)(g) is prospectively amended by the Higher Education and Research Act 2017 (c. 29), section 86(1)
and (3)(b), from a date to be appointed. See section 43(1) for the definitions of “prescribed” and “regulations”.
(2) The functions of the Secretary of State under section 22(2)(g) and (3)(a) in relation to Wales were transferred to the National
Assembly for Wales by the Higher Education Act 2004 (c. 8), section 44(1). The functions of the Secretary of State under
section 42(6) in relation to Wales were transferred to the National Assembly for Wales by S.I. 1999/672. These functions of
the National Assembly for Wales were subsequently transferred to the Welsh Ministers by virtue of the Government of Wales
Act 2006 (c. 32), paragraph 30 of Schedule 11. The National Assembly for Wales was renamed Senedd Cymru or the Welsh
Parliament by the Senedd and Elections (Wales) Act 2020 (anaw 1), section 2.Document Generated: 2026-07-06
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
Amendment of the Education (Student Loans) (Repayment) Regulations 2009
3.—(1) The Education (Student Loans) (Repayment) Regulations 2009(3) are amended in
accordance with paragraphs (2) and (3).
(2) In regulation 21A (interest rate on plan 2 loans)—
(a) in paragraph (2), after “(4)” insert “, (4A)”;
(b) in paragraph (2A), for “(2B) and (2C)” substitute “(2B), (2C) and (4A)”;
(c) in paragraph (2D), for “(2E) and (2F)” substitute “(2E), (2F) and (4A)”;
(d) in paragraph (4), for “During” substitute “Subject to paragraph (4A), during”;
(e) after paragraph (4), insert—
“(4A) Where, at any time during the period commencing with 1st September 2026 and
ending at the end of 31st August 2027, the annual percentage rate of charge determined
under paragraph (2)(a), (b)(ii) or (iii), (c)(ii) or (iii) or (d), (2A)(a)(ii) or (iii), (b)(ii) or (iii)
or (c), (2D)(b) or (c), or (4) exceeds 6%, the annual percentage rate of charge is deemed
to be 6%.”.
(3) In regulation 21B (interest rate on plan 3 loans)—
(a) in paragraph (1), for “The”, in the first place it occurs, substitute “Subject to
paragraph (1A), the”;
(b) after paragraph (1), insert—
“(1A) Where, at any time during the period commencing with 1st September 2026 and
ending at the end of 31st August 2027, the interest rate determined under paragraph (1)
exceeds 6%, the interest rate is deemed to be 6%.”.
Smith of Malvern
Minister of State
2nd July 2026 Department for Education
Cefin Campbell
Deputy Minister for Skills and Tertiary
Education, under authority of the Cabinet
Minister for Education and the Welsh Language,
2nd July 2026 one of the Welsh Ministers
(3) S.I. 2009/470. Relevant amending instruments are S.I. 2012/1309, S.I. 2013/607, S.I. 2013/1881, S.I. 2017/831, S.I. 2018/284,
S.I. 2019/189, S.I. 2022/1335 and S.I. 2023/1184.
2Document Generated: 2026-07-06
Status: This is the original version (as it was originally made). This
item of legislation is currently only available in its original format.
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 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.
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