Thousands of graduates may be owed money from student loan overpayments

Summarised from BristolLive's report · Updated 5 Nov, 22:04 · Archive

Over 1.1 million student loans were overpaid in the last tax year alone, with graduates able to claim refunds.

Thousands of graduates could be owed money after wrongly overpaying student loans, according to personal finance expert Martin Lewis. His MoneySavingExpert team investigation found over 1.1 million student loans were overpaid in the last tax year alone, with millions more overpaid previously. Checking for overpayments costs nothing.

Overpayments can occur for several reasons: making monthly repayments during a tax year when annual income remained below the repayment threshold; being placed on the wrong repayment plan due to employer error or mistakes on a starter checklist; or having deductions taken out before officially due to start repaying. Some graduates have successfully reclaimed four-figure sums. One graduate received £3,773 in overpayments, while another claimed back £555 after spending 15 minutes on the phone, which she attributed partly to overpayments made during her maternity leave.

Read the report

• 'Martin Lewis method took 15 minutes and I claimed back £555'Millions could be entitled to money – and some have already claimed back thousandsBristolLive · 5 Nov, 14:15

In this story: Martin Lewis · MoneySavingExpert · Student Finance

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