{"id":195087,"date":"2023-10-20T15:50:58","date_gmt":"2023-10-20T15:50:58","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=195087"},"modified":"2023-10-20T15:50:58","modified_gmt":"2023-10-20T15:50:58","slug":"over-a-million-brits-paid-too-much-student-loan-how-to-reclaim","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/","title":{"rendered":"Over a million Brits paid too much student loan &#8211; how to reclaim"},"content":{"rendered":"<h1>More than one million Brits paid too much on their student loan last year &#8211; here&#8217;s how to reclaim money owed<\/h1>\n<ul>\n<li><strong>Money Saving Expert, Martin Lewis revealed the shocking fact this week<\/strong><\/li>\n<li><strong>Since then, many people have come forward to share the amount they got back<\/strong><\/li>\n<\/ul>\n<p>Nearly one million Brits paid too much money on their student loan last year and are eligible to claim back up to thousands of pounds, it has been revealed.<\/p>\n<p>Money Saving Expert, Martin Lewis, discovered the shocking fact this week after submitting a Freedom of Information Request.\u00a0<\/p>\n<p>He shared a video to his X (formerly known as Twitter) account explaining exactly how people repaid and how you can reclaim the money you&#8217;re owed.<\/p>\n<p>There is no back date to how far back you can re-claim and there are a lot of people out there who may be due money &#8211; ranging from hundreds of pounds to thousands.<\/p>\n<p>Since sharing the advice, many people have come forward to share the amount they got back, with Lewis claiming he&#8217;s never got &#8216;as many quick success reports for anything&#8217;.<\/p>\n<h2>How you may have overpaid<\/h2>\n<p>The Money Saving Expert explained that there are four categories in which you may have overpaid.\u00a0<\/p>\n<p>The biggest one which affected 833,000 people, is repaying even though you don&#8217;t earn enough to.<\/p>\n<p>You only repay if you earn over a set threshold &#8211; for most people that&#8217;s just over \u00a327,295.<\/p>\n<p>Lewis explained &#8216;Let&#8217;s take a twelfth of that, the monthly average amount, \u00a32,274. Because you pay this through the payroll, if you earn over \u00a32,274 in a month, they take 9% of whatever is above that to go towards your student loan.<\/p>\n<p>&#8216;Now let&#8217;s imagine you only work six months of the year or most months you earn below the \u00a32,274 but you just got some bonus or you worked overtime so for a few months you earned above it.<\/p>\n<p>&#8216;That may mean your student loan repayments were taken, even though in the tax year April-April, you earned less than \u00a327,297.<\/p>\n<p>&#8216;If that happened, you repaid your student loan when you needn&#8217;t have done so, so you are eligible to take that money back.&#8217;\u00a0\u00a0<\/p>\n<p>The second category which affected 165,000 people is being on the wrong student loan repayment plan.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/20\/16\/76800363-12653697-The_Money_Saving_Expert_explained_that_there_are_four_categories-a-5_1697815686525.jpg\" height=\"363\" width=\"634\"><\/p>\n<p>The Money Saving Expert explained that there are four categories in which you may have overpaid<\/p>\n<p>By default you end up on plan one, which is where you start repaying once you earn over \u00a322,000 &#8211; however, most people are supposed to be on plan two.<\/p>\n<p>For the third category, a further 57,000 had money deducted after their loan was fully repaid.\u00a0<\/p>\n<p>Finally, 39,000 people starting repaying too early &#8211; you are only eligible to repay starting the April after you left university.<\/p>\n<h2>How to reclaim\u00a0<\/h2>\n<p>Reclaiming the money back is simple and can take as little as five minutes.<\/p>\n<p>You will need your old pay slips, payroll number\u00a0a PAYE reference number.<\/p>\n<p>Simply get in touch with the Student Loans company either online or by phone and tell them that you think you overpaid.\u00a0<\/p>\n<p>Lewis advises that even if you don&#8217;t have those, get in touch with them anyway, it just slows the process down.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/20\/16\/76800871-12653697-image-a-1_1697815686521.jpg\" height=\"656\" width=\"634\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/20\/16\/76800875-12653697-image-a-2_1697815686523.jpg\" height=\"149\" width=\"634\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/20\/16\/76800865-12653697-image-a-3_1697815686524.jpg\" height=\"166\" width=\"634\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/20\/16\/76800867-12653697-image-a-4_1697815686524.jpg\" height=\"218\" width=\"634\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/20\/16\/76800869-12653697-image-a-6_1697815686525.jpg\" height=\"175\" width=\"634\"><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i.dailymail.co.uk\/1s\/2023\/10\/20\/16\/76800873-12653697-Since_sharing_the_advice_many_people_have_come_forward_to_share_-a-7_1697815686527.jpg\" height=\"233\" width=\"634\"><\/p>\n<p>Since sharing the advice, many people have come forward to share the amount they got back, with Lewis claiming he&#8217;s never got &#8216;as many quick success reports for anything&#8217;<\/p>\n<p>Users flocked to the experts X account to thank him for bringing the issue to light.<\/p>\n<p>One user wrote &#8216;I got like \u00a3120 back which definitely comes into \u2018worth the phone call\u2019 territory. Thanks Martin!&#8217;<\/p>\n<p>Another added &#8216;I waited on the line for about 30 minutes and came away with \u00a3241! Chuffed to bits&#8217;<\/p>\n<p>Others wrote &#8216;Just reclaimed \u00a3700. Brilliant advice, thanks&#8217; and &#8216;Thanks Martin, got a refund of \u00a3392.<\/p>\n<p>There is no time limit on claiming the cash back so even if it was a long time ago when you attended university, you still could be owed money.<\/p>\n<p>Someone queried &#8216;Yeah but to be fair I finished uni in 2016&#8217; to which Lewis responded &#8216;Yep so this is exactly for you&#8217;.\u00a0<\/p>\n<p>Source: <a href=\"https:\/\/www.dailymail.co.uk\/news\/article-12653697\/how-reclaim-money-owed-student-loan-repayments.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than one million Brits paid too much on their student loan last year &#8211;&#8230;<\/p>\n","protected":false},"author":4,"featured_media":195086,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28134],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Over a million Brits paid too much student loan - how to reclaim - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Over a million Brits paid too much student loan - how to reclaim - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"More than one million Brits paid too much on their student loan last year &#8211;...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokens Talk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-20T15:50:58+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/tokenstalk.info\/wp-content\/uploads\/2023\/10\/Over-a-million-Brits-paid-too-much-student-loan-how-to-reclaim.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/\",\"url\":\"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/\",\"name\":\"Over a million Brits paid too much student loan - how to reclaim - Tokens Talk\",\"isPartOf\":{\"@id\":\"https:\/\/tokenstalk.info\/#website\"},\"datePublished\":\"2023-10-20T15:50:58+00:00\",\"dateModified\":\"2023-10-20T15:50:58+00:00\",\"author\":{\"@id\":\"https:\/\/tokenstalk.info\/#\/schema\/person\/6f5c93d641f4dc4ea25a3807d041e4ab\"},\"breadcrumb\":{\"@id\":\"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/tokenstalk.info\/world-news\/over-a-million-brits-paid-too-much-student-loan-how-to-reclaim\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/tokenstalk.info\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Over a million Brits paid too much student loan &#8211; 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