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Graduates in the UK have been advised to check whether they are entitled to a refund on their student loans, following the publication of figures indicating that almost £200m in overpayments were made last year. Save the Student stated that hundreds of thousands of people that were currently repaying loans were entitled to a share of £184m in refunds. Individuals can check if they are eligible for a refund by accessing the government’s Student Loan Company portal; individual refunds can be from tens to over £1,000. The refunds could make a small difference to the lives of some struggling students.
There are four reasons that individuals may be entitled to refunds. For most people, the reason is that repayments were seized from them despite them not having earned beyond an annual threshold when payments should begin. It is common for individuals to earn beyond a monthly threshold that triggers loan repayments, for example, due to extra shifts, a new job, or a bonus, but the annual earnings may still fall short of the yearly threshold. Since May, people in this category have been able to claim refunds online. Over 418,000 people have used this service in its first six months.
Some former students may have been charged for repayments before they were due to pay; payments generally start in April after graduation. Misinformation may also have resulted in individual graduates being put on incorrect payment plans, and in a few cases, it is possible that some people may have continued with payments after their loan was paid in full. Any overpayment made counts towards the total repayment of the loan and could reduce interest in the long run. The campaign anticipates that these refunds could have the biggest impact on students struggling with their day-to-day lives. Campaign spokesperson, Tom Allingham, believes that individuals should claim if they are entitled since the refunds can make a world of difference.
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