The Education (Teacher Student Loans) (Repayment etc.) Regulations 2003 (“the 2003 Regulations”) provide for the reduction and repayment of student loans owed by newly qualified teachers employed in those subjects where there is a shortage of teachers. In order to be eligible for the loan repayment scheme, a teacher has to be employed under a contract of employment which commenced on or after 1st July 2002 and before 1st July 2005 (regulation 4(1)(c) of the 2003 Regulations).