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Education (Student Loans) Act 1998

Consolidated Text As Enacted Cited authorities 9 Cited in Amendments 14 Related
Vincent
JurisdictionUK Non-devolved
Citation1998 c. 1
Year1998
  • After section 1 of the
    • A relevant lender may assign to any other person all or any of the lender’s rights in respect of any public sector student loans.The Secretary of State may make such arrangements as he thinks fit for the purpose of facilitating, or otherwise in connection with, an assignment under subsection (1) above.are payable in such circumstances, and at such times, as may be specified, andare of such amounts as may be specified in, or determined in accordance with, the arrangements.to take an assignment from the purchaser of all or any of his rights in respect of any loan to which the arrangements relate, orto direct the purchaser to assign all or any such rights to some other person under subsection (1) above.Such arrangements may also provide for the appointment of an independent person approved by the Secretary of State with the function of investigating and reporting on any dispute between the purchaser and the borrower under a loan to which the arrangements relate.Subsections (3) to (5) above shall not be read as affecting the generality of subsection (2) above.In this section—
    • “assignment”, in relation to Scotland, means assignation;
    • “the purchaser” means the assignee under an assignment under subsection (1) above;
    • “relevant lender”, in relation to a public sector student loan, means the person who made the loan or the assignee under an assignment under subsection (1) above;
    • “specified” means specified in arrangements under this section.
    (1) Paragraph 1 of Schedule 2 to the 1990 Act (public sector student loans: principal, interest and payments) shall be amended as follows.(2) In paragraph 1(1) , for paragraphs (b) and (c) there shall be substituted—
    • (b) require the terms of every agreement for a public sector student loan to include—
    • (i) such terms relating to the time and manner of repayments,
    • (ii) such terms relating to the interest to be borne by the loan, and
    • (iii) such terms under which the borrower’s liability may be deferred or cancelled,
      • as are prescribed by the regulations.
    such terms relating to the time and manner of repayments,such terms relating to the interest to be borne by the loan, andsuch terms under which the borrower’s liability may be deferred or cancelled,(3) In paragraph 1(3) , for “under sub-paragraph (1) (b) above” there shall be substituted “ made in pursuance of sub-paragraph (1) (b) (i) above ”.(4) For paragraph 1(4) and (5) there shall be substituted—
    • “(4) Regulations made in pursuance of sub-paragraph (1) (b) (ii) above shall make such provision with respect to the rate of interest for the time being applicable to a public sector student loan as the Secretary of State considers appropriate to maintain the value in real terms of the outstanding amount of the loan.
    • (5) The provision required by sub-paragraph (4) above shall be framed by reference to such index of prices as may be specified in, or determined in accordance with, the regulations.
    Regulations made in pursuance of sub-paragraph (1) (b) (ii) above shall make such provision with respect to the rate of interest for the time being applicable to a public sector student loan as the Secretary of State considers appropriate to maintain the value in real terms of the outstanding amount of the loan.The provision required by sub-paragraph (4) above shall be framed by reference to such index of prices as may be specified in, or determined in accordance with, the regulations.(5) After paragraph 1(5) (as substituted by subsection (4) above) there shall be inserted—
    • “(6) Nothing in any regulations under sub-paragraph (1) (b) above shall affect the terms of any agreement for a public sector student loan entered into before the date of the coming into force of the regulations.
    Nothing in any regulations under sub-paragraph (1) (b) above shall affect the terms of any agreement for a public sector student loan entered into before the date of the coming into force of the regulations.the agreement shall have effect as if its terms included the terms prescribed in relation to such an agreement by regulations in force at that time under paragraph 1(1) (b) of Schedule 2 to the 1990 Act as amended by subsection (2) above; andthe prescribed terms shall have effect in accordance with paragraph (a) above in place of any of the existing terms of the agreement that make provision for any of the matters for which provision is made by the prescribed terms.(7) Paragraph 1(6) of Schedule 2 to the 1990 Act, as inserted by subsection (5) above, accordingly has effect subject to subsection (6) above.(1) For paragraph 3 of Schedule 2 to the 1990 Act there shall be substituted—
    • (3) Public sector student loans: administration
    • (1) Arrangements made with any person under section 1(1) of this Act may in particular provide for—
    • (a) the making of public sector student loans by that person;
    • (b) the terms to be contained in the agreements for such loans, so far as not provided for by or under paragraph 1 above;
    • (c) the making of payments by the Secretary of State to that person for the purpose of enabling him to make such loans or otherwise in connection with such loans;
    • (d) the making of repayments by that person to the Secretary of State; and
    • (e) the provision by that person to the Secretary of State of reports with respect to the working of the arrangements.
    the making of public sector student loans by that person;the terms to be contained in the agreements for such loans, so far as not provided for by or under paragraph 1 above;the making of payments by the Secretary of State to that person for the purpose of enabling him to make such loans or otherwise in connection with such loans;the making of repayments by that person to the Secretary of State; andthe provision by that person to the Secretary of State of reports with respect to the working of the arrangements.Any such arrangements may also provide for the appointment of an independent person approved by the Secretary of State with the function of investigating and reporting on disputes between persons borrowing or intending to borrow

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