MSE News: Graduates overpay student loans by £45m: Get your money back

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Tens of thousands of graduates have overpaid their student loans by a collective £45.4 million, new data reveals...

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Graduates overpay student loans by £45m: Get your money back




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sharondo

I have just spoken with SLC and they have said that what is repaid to me (following overpayment) is exactly what I have overpaid. Is this correct? I have seen from newpaper reports and from MSE that the money is returned with interest.

'If you think you've overpaid, but haven't had a letter from the SLC, call it on 0300 100 0611. It will ask you for evidence showing your repayment deductions, such as your payslips or P60 before issuing a refund. Once it's confirmed you've overpaid, it'll contact HMRC to request your employer stop taking repayments and again, it'll refund the overpayment into your bank account.

Interest is applied to overpayment refunds at the same rate of interest that was applied to the loan, which at present is 1.5%'

Which of these is correct?

hiohaa

i just called up SLC today. Woman goes "we cannot issue any refund unless HMRC tell us you've overpaid and that won't happen till the end of the tax year".

Brilliant. So what, that's it? I have to wait until next year April to get my £500 back?

my situation is i still have 6k balance to pay, but i don't care - i left my job in June, and did not hit the annual threshold, so i want the money back!

Timashdown

I have just paid off my student loan paid the last £13 the day after my last pay day and although they know that I have paid they have not stopped my payments so they are taking out another payment which I now will need to get refunded apparently that will take 14 days for the refund. Its not like I haven't been in contact with them as I knew it was coming to a end rang them in April, may July and August to keep them informed of where I was at. But every time said they could not predate the stop order and have to wait till the final amount is paid. Once this is paid it takes 28 days from the following Wednesday. Although over the last 3 calls this changed from stopping it instantly to 2-3 weeks to 28 days
Thieving company that they are known they not entitled to my money but still take it

coonra987

I have two student loans. I studied between 2006 - 2011 and borrowed £27,900 at 0.9% interest rate. I then worked for 3 years before going back to university between 2014 - 2017. I foolishly borrowed another £15,150 at a rate of 3.9% interest. If I repay the second loan today it will cost me £16,143 (so the 3 year loan will have cost me £993!). As I was earning over the ~£17,000 threshold working nightshifts and weekends during my second degree, I was making student loan repayments the whole time!

Is there any chance that I can reclaim the £993 in interest if I pay off the second loan out of my house deposit that I have been saving for? I think I was mis-sold the second loan and didn't realise the exorbitant rate of interest that I would be subjected to.

Pixie5740

camspence987 wrote: »

I have two student loans. I studied between 2006 - 2011 and borrowed £27,900 at 0.9% interest rate. I then worked for 3 years before going back to university between 2014 - 2017. I foolishly borrowed another £15,150 at a rate of 3.9% interest. If I repay the second loan today it will cost me £16,143 (so the 3 year loan will have cost me £993!). As I was earning over the ~£17,000 threshold working nightshifts and weekends during my second degree, I was making student loan repayments the whole time!

Is there any chance that I can reclaim the £993 in interest if I pay off the second loan out of my house deposit that I have been saving for? I think I was mis-sold the second loan and didn't realise the exorbitant rate of interest that I would be subjected to.

Were you not able to read the T&C of the student loans before you took out not one but at least two of them?

3.9% is hardly exorbitant.

ViolaLass

camspence987 wrote: »

Is there any chance that I can reclaim the £993 in interest if I pay off the second loan out of my house deposit that I have been saving for? I think I was mis-sold the second loan and didn't realise the exorbitant rate of interest that I would be subjected to.

On what basis would you reclaim the refund? You borrowed the money.

Tanyag34

Hello, I was at university from 1991 - 1995 and continued paying off my student loan for many years after, so I fall into the 'Pre-1998 crowd.' It was a long time ago but I believe my payments were made by Standing Order. I don't have any paperwork dating back to that period now. Please could anyone advise me on whether there is any PPI case to pursue here and how I might go about it if there is cause for action? Thanks for your time.

Ed-1

Tanyag34 wrote: »

Hello, I was at university from 1991 - 1995 and continued paying off my student loan for many years after, so I fall into the 'Pre-1998 crowd.' It was a long time ago but I believe my payments were made by Standing Order. I don't have any paperwork dating back to that period now. Please could anyone advise me on whether there is any PPI case to pursue here and how I might go about it if there is cause for action? Thanks for your time.

No - the Government of the time were not selling payment protection insurance with student loans!