17 February 2024 , 07:00
931
0
A fan of Martin Lewis has explained how they reclaimed £2,300 in overpaid student loan.
The reader, known only as Laurence, wrote to MoneySavingExpert.com to explain how they weren’t earning enough to have been paying their student loan back. The point for when you start paying your student loan back depends on what type of plan you’re on.
Plan 1 students start repaying 9% of their income (expect if you're on a postgraduate course, then you repay 6%) when they earn over £22,015, while it’s £27,295 for Plan 2. The threshold for Plan 4 is £27,660 a year, and it’s £25,000 for Plan 5. Which plan you’re on depends on when you went to university.
Laurence said: "I saw your info on how to get a refund for my student loan repayments if I didn't earn over the threshold. As a freelancer in the TV industry, I thought it was worth a check. I got just over £2,300 back, which has taken a huge weight off my shoulders. Thank you."
Martin Lewis has previously warned how overpayments can happen if you were placed on the wrong loan plan. Other ways you could've overpaid include if you had payments taken after you finished paying off your loan.
Nursery apologises after child with Down's syndrome ‘treated less favourably’
Which student loan plan should I be on?
Plan 1:If you started your course before September 1, 2012 (England and Wales) or after September 1, 1998 (Northern Ireland)
Plan 2: If you started your course between September 1, 2012 and July 31, 2023 (England) or after September 1, 2012 (Wales)
Plan 4: If you started your course after September 1, 1998 (Scotland)
Plan 5:If you started your course after August 1, 2023 (England)
How to get student loan refund
If you think you've overpaid, you’ll need to contact SLC to look into your account. The numbers to ring are:
- England, Scotland and Northern Ireland: 0300 100 0611
- Wales: 0300 100 0370
- Overseas: +44 141 243 3660
It helps to have as much relevant information to hand as possible, such as the email address you used to register for your loan. You should also flag to your employer if you're on the wrong payment plan, so you don't keep overpaying.
If it turns out you've been underpaying your student loan, you won't be asked to pay anything back - but you will be placed on the correct plan going forward.