Student Loan Refunds

roroyorkiepoo

I’ve applied for my refund & enquired about compensation interest but they said they won’t pay anything on top. Does anyone know why we’re not entitled to compensation if we have been without those funds through no fault of our own? 

_Dolly_Rocker_

I'm not 100% sure but I think its because it isn't Student Loans who actually take the deductions. 

It's HMRC and they send the payment files over at the end of the tax year. 

When this hits SLC they then send it back to you so it's not like they've had that money the whole year. 

silvercar

Arguably, you have been charged less interest on your loan as slc have been working on a lower balance for the whole time they have held onto your overpayment. So you have actually gained by being charged interest on a lower amount. So your total balance owed is lower.