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Education (Student Loans) (Amendment) Bill

This is the text of the Education (Student Loans) (Amendment) Bill, as presented to the House of Commons on 6th March 2001.

 
 
  
Education (Student Loans) (Amendment) Bill
 
 
 

 
 
A

B I L L

TO

Amend the law relating to student loans in respect of the entitlement of borrowers to defer repayment of loans and in respect of the rate of interest payable on loans.

BE IT ENACTED by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:-
 

Student loans: amendments.     1. - (1) Section 22 of the Teaching and Higher Education Act 1998 (new arrangements for giving financial support to students) is amended as follows.
 
      (2) In subsection (3),-
 
 
    (a) in paragraph (a), after the words "from time to time" there is inserted the words ", provided that any such rate shall not at any time be more than 2 per cent. above the rate offered for three month deposits on the London interbank market";
 
    (b) in paragraph (b), after the words "from time to time" there is inserted the words ", provided that no borrower shall be liable to make any repayment in respect of such a loan in any month in which his taxable income is less than £1,667"; and
 
    (c) in paragraph (d), before the words "for a borrower" there is inserted "subject to the requirements of subsection (3)(b),".
      (3) In subsection (4), paragraph (a) and the words "(b) such" are omitted.
 
      (4) In subsection (5)(e)(i), for "(4)(a)" there is substituted "(3)(a)".
 
      (5) In subsection (8), for "(4)(a)" there is substituted "(3)(a)".
 
      (6) For subsection (9) there is substituted-
 
 
    "(9) The Secretary of State shall lay before Parliament at the end of each financial year a report into-
 
 
    (a) the amounts of the loans made under this section which have been issued and repaid, and the amounts of loans which remain outstanding;
 
    (b) the amounts of interest which have been charged on such loans; and
 
    (c) the amounts of any tax credits or other tax reliefs which have been granted to borrowers in respect of payments of interest on loans."
Financial provisions.     2. There shall be paid out of money provided by Parliament any increase attributable to this Act in the sums payable out of money so provided by virtue of any other Act.
 
Short title and commencement.     3. - (1) This Act may be cited as the Education (Student Loans) (Amendment) Act 2001.
 
      (2) This Act shall come into force on such day as the Secretary of State may by order appoint.
 
 

 
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