Student Loan Overpayment

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  • silvercar
    silvercar Posts: 47,017 Ambassador
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    jas431 wrote: »
    Hi,
    I'd like to give some feedback on the original article.

    Could you please clarify the situation for students that have a year out on placement.
    Basically years 1, 2 & 4 studying at university and year 3 at work in industry.

    By my understanding, the student should not be repaying any of the student loan whilst on placement as they are still registered as students with the university.

    I have the feeling that if the month threshold is exceeded, then the money will be taken from the student.

    Is this something that Martin could raise with the SLC? Is there no way that the SLC can double check with the University?
    What's confusing is the SLC must know that the student has received a reduced maintenance loan and had their reduced tuition fees paid.

    Thanks

    Repayments start the April after the course finishes, so the April after year 4.
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  • Xxsomepeperagez
    Xxsomepeperagez Posts: 1 Newbie
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    How, first post. Was quite excited to tot up all my student loan repayments and find that I'd paid too much. I'm over the threshold but have worked out using my p60 that I have paid over and above what I should have for many years. Just wanted to clarify before I ring them again, as I have read a few times in this thread, I am not allowed to reclaim that overpayment back as I was over the threshold? Surely that isn't fair, ive overpaid!

    Thanks for any advice. I did ring earlier but I hadn't got all the information to hand at the time so I didn't challenge them when they told me no refund due.
  • Ed-1
    Ed-1 Posts: 3,896 Forumite
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    Xxsomepeperagez wrote: »
    How, first post. Was quite excited to tot up all my student loan repayments and find that I'd paid too much. I'm over the threshold but have worked out using my p60 that I have paid over and above what I should have for many years. Just wanted to clarify before I ring them again, as I have read a few times in this thread, I am not allowed to reclaim that overpayment back as I was over the threshold? Surely that isn't fair, ive overpaid!

    Thanks for any advice. I did ring earlier but I hadn't got all the information to hand at the time so I didn't challenge them when they told me no refund due.

    You need to calculate based on the monthly thresholds if you're paid monthly. You haven't overpaid if that matches up. The annual threshold is only relevant if your total pay for the year is below it.
  • glider3560
    glider3560 Posts: 4,115 Forumite
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    Xxsomepeperagez wrote: »
    How, first post. Was quite excited to tot up all my student loan repayments and find that I'd paid too much. I'm over the threshold but have worked out using my p60 that I have paid over and above what I should have for many years. Just wanted to clarify before I ring them again, as I have read a few times in this thread, I am not allowed to reclaim that overpayment back as I was over the threshold? Surely that isn't fair, ive overpaid!

    Thanks for any advice. I did ring earlier but I hadn't got all the information to hand at the time so I didn't challenge them when they told me no refund due.
    Unfortunately, that's the way it is. I'm in the same situation for the 17/18 tax year. As are many people who start/leave work part way through a tax year, or who receive uneven pay cheques, or a bonus lump sum. This is also the case for National Insurance Contributions.

    They assume your payments are correct in these cases. The only time the paymens would ever get corrected is on a Self Assessment tax return, however, the payments will only ever get adjusted up, you won't get a refund.

    Think of it as a bonus, since your loan will be paid off earlier and you'll attract less interest ;)
  • Robots
    Robots Posts: 76 Forumite
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    I moved from being employed to being self-employed in the 2017/18 tax year and this has put me under the threshold for paying my SL for that year. I made payments during my period of employment and, after seeing a feature Martin did on TV, called up SL helpline to ask if I could claim the payment back.

    The customer care operative told me that I could claim it back, but I wouldn't get the payment until one year later. Can anyone tell me if this is right? I've filed my tax return already.

    Thanks in advance and sorry if this has been covered elesewhere.
    Veteran gamer and clean freak :kiss:
  • glider3560
    glider3560 Posts: 4,115 Forumite
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    Robots wrote: »
    I moved from being employed to being self-employed in the 2017/18 tax year and this has put me under the threshold for paying my SL for that year. I made payments during my period of employment and, after seeing a feature Martin did on TV, called up SL helpline to ask if I could claim the payment back.

    The customer care operative told me that I could claim it back, but I wouldn't get the payment until one year later. Can anyone tell me if this is right? I've filed my tax return already.

    Thanks in advance and sorry if this has been covered elesewhere.
    You can post both your P45 (or P60) and copy of the tax return to SLC. They can refund the overpayment using this information, before receiving details from HMRC.
  • Robots
    Robots Posts: 76 Forumite
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    Brilliant, thanks!
    Veteran gamer and clean freak :kiss:
  • Jliv
    Jliv Posts: 1 Newbie
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    Hi
    I changed from full to part time student. They had my graduation date as 2006 when it was in 2007. I started paying in 2007 which inclued a back payment from the previous year so I payed double the amount of student loan in one year. I started my course in 2002. Does this mean I will not be untitled to a refund.
    Every time I phone student loan I just get passed from one person to the next.
    Thanks
  • sheramber
    sheramber Posts: 19,278 Forumite
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    https://www.practitioners.slc.co.uk/products/part-time-undergraduate-education/part-time-tuition-fee-loan/repayment-and-changes-of-circumstances/

    part-time students may !!!8216;enter repayment!!!8217; while still on their course as they reach their statutory repayment due date either the April following the student!!!8217;s withdrawal from or completion of their PT course;or the April after four years have elapsed since the first day of the first AY of their course, whichever is soonest.
  • TF03
    TF03 Posts: 94 Forumite
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    Hi all,

    Been meaning to do this for ages. Finally got around to it today. Didn't have any details to hand as they have been lost in numerous house moves etc.
    They managed to find my details, get everything updated and checked my account. Turns out I over payed and they are refunding me £230. Literally took 5 minutes!

    Thanks MSE! That'll go nicely towards our holiday.
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