Student Loan Overpayment

I was originally receiving £8000 loan and £1000 grant. They then asked me to submit more information about my families financial status. Once they had received it, they changed my finance to £900 loan and £8100 grant. Unfortunately, they then turned round and said I owe them £1700. Is there any way out of this? I'm really not in a financially stable place, and I can't even begin to pay it off. I've also been told that if I don't pay it back by the end of the educational year the balance will come out of my payments for next year. Any advice would be greatly appreciated.
Thanks,
Hannah

Comments

  • silvercar
    silvercar Posts: 46,778
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    Welcome to the forum, hopefully some experts will come along and advise you.

    Some questions if you don't mind to help understand the situation.

    Did they give a reason for the change? Do you think the figures are now correct?

    Where are you? I'm guessing from your figures the answer is Wales, but it would be good to confirm as the rules are slightly different depending on the country.
    I'm a Forum Ambassador on The Coronavirus Boards as well as the housing, mortgages and student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to [email protected] (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • BeckyAP
    BeckyAP Posts: 50 Forumite
    Hi Hannah,

    I'm afraid that if SLC aren't willing to work on a repayment plan for the overpayment, then yes, they will recover this through reducing your entitlement next academic year.
    I would advise re-applying for your funding early so you will have an idea of what you will be getting next AY and can plan/work accordingly.
    Your University may also be able to help - check whether they have any money advisers within the Student Support Services.
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