Martin Lewis has warned that more than four million people across Great Britain with an outstanding student loan may have paid too much money between April 2019 and April 2023 and are due refunds worth hundreds of pounds. The consumer champion first highlighted the overpayments in October last year following a Freedom of Information (FOI) request put in by MoneySavingExpert.com (MSE.
com) to the Student Loans Company. However, writing in this week’s edition of the MSE.com newsletter , the financial guru said that “many uni leavers can reclaim unwittingly overpaid student loans” adding that there are four main reasons which could have resulted in more people in Scotland, England and Wales repaying more than they needed to.
Martin said: “When I did a video explainer on this last year, it went viral and we drowned in successes”. One such success came from Kayleigh who, despite only making five repayments towards her student loan , was due a refund of just over £800. The full guide to understanding overpayments of student loans and how to go about getting a refund can be found on MSE.
com here . Below is an overview of the main reasons. The guidance explains that student loans only need to be repaid if you earn over an annual threshold, but repayments are taken out of wages monthly.
This means some people may have money taken out of their wages in some months, but not others - even when their annual income is below the earnings threshold. The repayment income threshold f.