Mykotori

Martin Lewis urges you to check if you have overpaid THOUSANDS on student loans

THIS IS a clarion call to everyone who’s been to university in the last 20 years or so. Hundreds of thousands of you have overpaid your student loans and with one quick phone call could be entitled to £100s or £1,000s back.I first dipped my toe in this subject last November, suggesting people try it to see if it happened.Ever since I’ve been swamped with success stories of people getting their cash back.There are three main ways you may be owed money – if you’ve questions the full details are in my www.mse.me/studentloanoverpayments guide, but in brief…For those who didn’t finish university, it’s the April following leaving – even then you only repay if you earn over a set threshold.

– Started Uni in or after 2012 in England and Wales: Your repayment threshold has always been £21,000 though it rises to £25,000 next month (a big change, for more on how it works see www.mse.me/2012studentloanrepay.)- Started Uni before 2012 in England & Wales, or any time since 1998 in Scotland & Northern Ireland: The threshold has changed each year. It is currently £17,775 and rising to £18,830 in April.Yet a freedom of information request we did, shows in the last three years alone, over 100,000 university leavers repaid before the first April, which they shouldn’t have done. And it’s likely there are 100,000s more going all the way back to 1998. The reason this happens is if you are an employee you repay your student loan automatically through the payroll. So if your employer has the wrong info about your uni leaving date (which can be their fault or yours), or simply ignore it, then you may’ve started repaying too soon.And if so you’re entitled to your money back. I’ve heard of so many success like Ann who tweeted me: “@MartinSLewis just rang Student Loan Company and have overpaid £1,100!” and Tom who tweeted: “Thank you @MartinSLewis 5 minute phone call to Student Loans Company and got £315 back from paying too early in 2009”.Original Source

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