Does student grant overpayment build interest?
Back in September I recurved a letter from student finance stating I had been overpaid my student grant by £1271. This was due to leave a course early, I then made a payment schedule of £20 a month. That was 8 months ago so £160 should have been paid off, making the remaining balance £1111. However, I am now in a position to pay this off fully- it is not taken from my salary as it is an overpayment so. A separate direct debit. But does a grant overpayment build up with interest the longer it is left unpaid/low payments taking time. I tried to call student finance but the collections office is closed due to covid19. I otherwise have £7000 in savings for a house, if the grant overpayment isn’t increasing with interest then I’m tempted to use the £1111 towards my house deposit and continue paying £20 a month/slowly chip away at the debt when the collections office reopens with a few hundred here and there. Any advice is appreciated!
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