Exactly just How people that are many owed students loan refund?

Exactly just How people that are many owed students loan refund?

Credit: Sakeeb Sabakka – Flickr

A a large amount, therefore be sure to verify if you’re one of these! As a whole, the figures due a student loan reimbursement soon add up to more than 100,000 and some Freedom of Information needs have actually revealed the eye-watering breakdown.

Tax no. Of grads paying before the April after graduation No. Of grads who have already received refunds
2014/15 41,170 810
2015/16 24,800 400
2016/17 37,320 980 year

This shows 101,100 of you will be entitled to a reimbursement but have actuallyn’t claimed it – when you haven’t currently, look out those payslips and obtain checking.

Just how much would you be owed?

We’re perhaps perhaps not speaking tiny amounts right here either. The refund that is average out to claimants whom overpaid when you look at the 2014/15 income tax 12 months had been simply over ?395, whilst in 2015/16 it absolutely was ?370 plus in 2016/17 it absolutely was ?266. Clearly, there are not any guarantees, but if you get with a few hundred quid back in your money, it’s definitely worth the phone contact our viewpoint.

?74 back just by ringing up and asking after we shared the story earlier this year, Save the Student reader Olivia Gledhill managed to claim. You’ve got nil to lose.

Just how to check always whether you’ve started having to pay your education loan straight back too early

All you must do to learn whether you began making repayments prematurily. Is to find a your hands on a payslip from ahead of the April when you graduated. It will state quite plainly simply how much has been deducted from your income for the education loan repayments (see right).

Don’t bother about totalling up exactly how money that is much been taken too soon – the SLC can do the work for you personally. So long as you have the confirmation from your own payslip that at the very least some funds had been taken prior to the after your graduation, you’re good to go april.

Will it be well well worth getting an educatonal loan reimbursement?

Getting an educatonal loan refund does not influence the total quantity of financial obligation your debt. In the event that you graduate from uni with ?32,000 of financial obligation, this reimbursement (unfortunately) is not going to improve this 1 bit.

Therefore why bother having the reimbursement?

You must understand that there’s an extremely high chance you’ll never pay back your pupil financial obligation before it is cleaned off after three decades anyhow, therefore you should try to keep a hold of the maximum amount of cash as possible.

Analysis has shown that more than 75percent of pupils won’t ever also repay their student that is full loan specially with all the additional interest. In reality, if you are wondering, you can make use of our education loan calculator to sort out the length of time it will require to cover down your financial troubles.

Whenever pupils observe how much financial obligation they’re in after graduation, it could be an easy task to panic and try to spend all of it down before it starts accruing more interest. But, it back at the rate set by the Student Loans Company, there’s a high chance a big chunk of it will be written off after 30 years, saving yourself loads of money in the long run if you pay.

If you have been making repayments too soon, I’d certainly recommend requesting a reimbursement it back if you’re eligible, as you’ll likely never have to pay.

Jake, Save the Scholar’s Scholar Finance Professional

Just how to claim a student loan refund

This is the bit which sets individuals from the many – the claiming that is actual of reimbursement. But think us, it is lot more right forward than you’re probably thinking.

It’s best to possess a couple of components of documents at hand to help make the procedure because quick as you are able to, so try to have your payroll quantity, PAYE guide quantity and payslips during the prepared.

In the event that you can’t track all those down though don’t stress, MSE is reporting that lots of individuals have been successful by simply ringing up and asking, also minus the documents.

Just how to contact the student education loans Company

All you must do is phone the figuratively speaking Company on 0300 100 0611, explain that you might think some education loan repayments had been obtained from you prematurily. And that you desire to request a reimbursement. They’ll find a way to get into your bank account to observe how you’re that is much and issue your reimbursement in a single dropped swoop. One telephone call along with your education loan reimbursement shall be making its means towards your bank-account.

Moreover it does not make a difference just how long ago you graduated – it might have now been 2 yrs ago or a decade ago, all claims will always be legitimate.

Student loan overpayments along with other reasons you will be due a refund

Having your education loan repayments taken away from you prematurily. Is merely one of these of a instance for which you could be due a reimbursement. There have also reports of men and women refunds that are claiming a range other circumstances:

  1. Have actually you began making repayments before you decide to started making throughout the salary threshold that is stated? Utilize our complete Guide to Student Loan repayments to get results exactly how much you ought to be earning before you begin making repayments. If you’re maybe perhaps not for a yearly wage, and obtain compensated regular or month-to-month alternatively, be sure to work out your annual earnings to achieve this.
  2. Has your income varied throughout every season? You might have made student loan repayments even though you’re earning under the threshold if you only worked for part of the year or moved to a lower paid role. Simply because the SLC calculates very same yearly repayment limit for the pay duration (regular or month-to-month), but you can get a refund
  3. Have you paid more than the total you owed if you don’t end up earning over ?25,725 across the whole year? There has site there been an amount of reported circumstances of education loan overpayments, where individuals have compensated their loans down in complete but have actually continued to possess cash deducted from their wage (within the 2017/18 taxation 12 months, an overall total of ?36 million ended up being overpaid by around 68,000 graduates). If you might think this could be you, it is possible to ring the SLC up to make clear.

The thing to keep in mind will be remain savvy. Generally in most instances, your education loan repayments should be obtained from your wage immediately without you being forced to do any work – meaning mistakes often get unnoticed.

Therefore always make time to look at your payslips, and carry on with up to now with any modifications to repayment eligibility you’re supposed to so you’re only ever paying back what.

Wish to know more about trying to repay your education loan? Our complete guide to student loan repayments covers income thresholds, rates of interest and much more!