The Student Loans Company Might Owe You Hundreds Of Pounds In Refunds!
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Paying your student loan back ain't fun. Fact. But what's even worse is overpaying your on loan and not even knowing about it.
Last year, we reported that hundreds of thousands of graduates could have overpayed on their student loan payments, meaning they could be owed money from the Student Loans Company.
In fact, late last year The Guardian reported that the government pressure was mounting for the Student Loans Company (SLC) to give back £28 million of overpayments.
The figures, obtained by Research Professional News, show that although the majority of the £308m in over-payments has been collected by graduates, almost 10% (£28.5m) has not yet been claimed.
The SLC had said it had contacted everybody who was owed money, however this was widely criticised as many people stated that the graduates owed money could have moved and could have forgotten or avoided to update their details.
If you're thinking you want a piece of this action, here is all you need to know.
You're supposed to start paying your student loan back the following April after your graduate. So, if you graduated in July 2019, you would start paying off your loan in April 2020, although it's worth remembering you don't actually start paying it back until you earn over the threshold (£25,725 - for those who took loans in England and Wales post-2012).
Once you're eligible to start paying, Student Loan repayments are automatically deducted from your salary.
This might seem super easy as you don't have to think about it, but it equally becomes troublesome when you don't notice something has gone wrong.
Even if it was your fault the repayments are incorrect, you can still get the money back.
To find out if you're owed money all you have to do is phone the Student Loans Company on 0300 100 0611.
You'll need to have certain documents available to tell the operator at the other end, such as your payroll number, PAYE reference number and payslips. But don't be put off if you don't have these, as it has been reported that many graduates have been successful just by calling up and asking.
They’ll be able to access your account to see how much you’re owed and issue your refund ASAP.
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