Obvious question but can’t find an answer!! Help please!

CAS8183

I went to uni 2000-2003 (am now 42). I had a student loan the whole time. It was paid off many years ago. I have no idea if I ever overpaid and have had many different jobs in the last 21 years. Like PPI and car commison etc can I just call up the student loan company on the number given and just give my student loan number (I found an old slip) and my name/details and ask if I am owed anything? I have no old payslips and had loads of jobs in all this time so can’t give that info. Or is there no way for them to just know/check?? Thanks! 

Emmia

Phone them up and ask, I got a statement (at uni at the same time as you) when I'd finished paying off the loan, but the refund of the overpayments took a few months. 

FrankRizzo

Sorry to jump on your thread - has there been an issue where students that overpaid, are due back money or something? Thanks

marcia_

FrankRizzo said:

Sorry to jump on your thread - has there been an issue where students that overpaid, are due back money or something? Thanks

 Read this MSE Article https://www.moneysavingexpert.com/students/student-loan-overpayment-refund/

Emmia

FrankRizzo said:

Sorry to jump on your thread - has there been an issue where students that overpaid, are due back money or something? Thanks

Because it is difficult to get student loans company to cancel the money they take from your pay packet at the right point, you invariably overpay and then need to reclaim.

This is not helped by statements for the period to April not being available until the following September - so it can be difficult to work out exactly when it will be paid off.

I think I got back 2 or 3 months worth of overpayments in the end.

CAS8183

Thanks all but we are talking about a 20 year old loan that I finished paying off almost a decade ago - so is there any point? Would I know about it by now or worth me calling? 

Emmia

CAS8183 said:

Thanks all but we are talking about a 20 year old loan that I finished paying off almost a decade ago - so is there any point? Would I know about it by now or worth me calling? 

If you call you'll get an answer and possibly some money back... If you don't call, you won't get anything.

marcia_

CAS8183 said:

Thanks all but we are talking about a 20 year old loan that I finished paying off almost a decade ago - so is there any point? Would I know about it by now or worth me calling? 

 If you have already paid your loan off there is no use applying for a refund for their errors because i think you will then be restating payments 

CAS8183

marcia_ said:

CAS8183 said:

Thanks all but we are talking about a 20 year old loan that I finished paying off almost a decade ago - so is there any point? Would I know about it by now or worth me calling? 

 If you have already paid your loan off there is no use applying for a refund for their errors because i think you will then be restating payments 

Sorry can you explain what you mean by no point calling as would be restating payments? 

marcia_

TCAS8183 said:

marcia_ said:

CAS8183 said:

Thanks all but we are talking about a 20 year old loan that I finished paying off almost a decade ago - so is there any point? Would I know about it by now or worth me calling? 

 If you have already paid your loan off there is no use applying for a refund for their errors because i think you will then be restating payments 

Sorry can you explain what you mean by no point calling as would be restating payments? 

https://www.moneysavingexpert.com/students/student-loan-overpayment-refund/#should

Should you claim the money back if you've overpaid?

"If you claim the money back that you’ve wrongly overpaid, your outstanding loan balance will increase by that amount, and you will ‘owe’ more. The real question, though, is whether owing more means you will repay more. How this works depends on what plan you’re on."

continue reading and it explains it more. 

Emmia

marcia_ said:

TCAS8183 said:

marcia_ said:

CAS8183 said:

Thanks all but we are talking about a 20 year old loan that I finished paying off almost a decade ago - so is there any point? Would I know about it by now or worth me calling? 

 If you have already paid your loan off there is no use applying for a refund for their errors because i think you will then be restating payments 

Sorry can you explain what you mean by no point calling as would be restating payments? 

https://www.moneysavingexpert.com/students/student-loan-overpayment-refund/#should

Should you claim the money back if you've overpaid?

"If you claim the money back that you’ve wrongly overpaid, your outstanding loan balance will increase by that amount, and you will ‘owe’ more. The real question, though, is whether owing more means you will repay more. How this works depends on what plan you’re on."

continue reading and it explains it more. 

You'd only owe more if the loan isn't totally paid off. 

I think the OP is asking about "extra payments" being reclaimed which are in addition to clearing the loan - which happens if there is a delay in you telling the SLC to stop taking payments as you don't realise you've paid it off until you get the annual statement through (6 months after the period it refers to).

E.g. the loan was for £8.5k, the OP made payments totalling £9k and so would like the £500 overpayment back. That doesn't reactivate the loan or means the OP now owes £10k and needs to keep paying.

The student loan is unlike bank loans in this respect, repayments don't stop automatically when it's repaid.

Frankly the shoddiness of the way this all works is the main reason I wouldn't take a student loan again, and why I'm self funding my Master's.