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
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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.
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