People across the UK could be owed around £300 due to overpaying on their student loan repayments in the last financial year.
Data from the Student Loans Company (SLC) found that millions of pounds were overpaid by graduates who were below the threshold, according to Sky News.
While some 60,000 people continued to pay their loans after the balance was cleared.
"By working extra shifts, receiving a bonus or moving to a higher-paid role part-way through the year, they could suddenly edge past the weekly or monthly threshold, triggering a repayment.
"However, if their total earnings at the end of the financial year still fall below £27,295, they're entitled to a refund of any repayments made in that period."
But don't worry. If you have overpaid, there is a way of claiming a refund.
How to save money
How to claim a refund for student loan repayments
A digital refund service was launched in May (2024). Since then £61.6m has been given back to graduates, Sky News reported.
You can ask for a refund, according to the UK Government website, if you:
- Have paid more than the total amount you owe
- Started making repayments before you needed to
- Have repaid more than you need to because your employer had you on the wrong repayment plan
- Your annual income was below the threshold
RECOMMENDED READING:
- HMRC error sees more than 5.5 million workers paid £661 - are you owed money?
- O2 offering more than £1000 for old mobiles and other devices - how to claim
- Martin Lewis' advice for a student loan refund saved me
To claim a refund, according to Sky News, all you need to do is:
- Log into your student loan account (via the government website) and navigate to the main homepage
- Scroll down and click the button saying "request a refund"
- Make sure your account details are correct and then click submit
Then you will be notified within a few days if a refund is on its way. It's as easy as that.
The average amount refunded was £280 in 2023/24 and £250 this year, according to SLC.
Why are you making commenting on The National only available to subscribers?
We know there are thousands of National readers who want to debate, argue and go back and forth in the comments section of our stories. We’ve got the most informed readers in Scotland, asking each other the big questions about the future of our country.
Unfortunately, though, these important debates are being spoiled by a vocal minority of trolls who aren’t really interested in the issues, try to derail the conversations, register under fake names, and post vile abuse.
So that’s why we’ve decided to make the ability to comment only available to our paying subscribers. That way, all the trolls who post abuse on our website will have to pay if they want to join the debate – and risk a permanent ban from the account that they subscribe with.
The conversation will go back to what it should be about – people who care passionately about the issues, but disagree constructively on what we should do about them. Let’s get that debate started!
Callum Baird, Editor of The National
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here