Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • Former MSE Paloma
    • By Former MSE Paloma 17th Aug 15, 1:26 PM
    • 526Posts
    • 245Thanks
    Former MSE Paloma
    MSE News: Graduates overpay student loans by £45m: Get your money back
    • #1
    • 17th Aug 15, 1:26 PM
    MSE News: Graduates overpay student loans by £45m: Get your money back 17th Aug 15 at 1:26 PM
    Tens of thousands of graduates have overpaid their student loans by a collective £45.4 million, new data reveals...

    Read the full story:

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




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • sharondo
    • By sharondo 27th May 16, 9:25 AM
    • 1 Posts
    • 0 Thanks
    sharondo
    • #2
    • 27th May 16, 9:25 AM
    • #2
    • 27th May 16, 9:25 AM
    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
    • By hiohaa 21st Jul 16, 3:16 PM
    • 31 Posts
    • 1 Thanks
    hiohaa
    • #3
    • 21st Jul 16, 3:16 PM
    • #3
    • 21st Jul 16, 3:16 PM
    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
    • By Timashdown 1st Sep 16, 5:19 PM
    • 1 Posts
    • 0 Thanks
    Timashdown
    • #4
    • 1st Sep 16, 5:19 PM
    • #4
    • 1st Sep 16, 5:19 PM
    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
    • By coonra987 27th Feb 17, 11:48 AM
    • 8 Posts
    • 0 Thanks
    coonra987
    • #5
    • 27th Feb 17, 11:48 AM
    Two student loans
    • #5
    • 27th Feb 17, 11:48 AM
    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
    • By Pixie5740 27th Feb 17, 12:31 PM
    • 13,750 Posts
    • 19,902 Thanks
    Pixie5740
    • #6
    • 27th Feb 17, 12:31 PM
    • #6
    • 27th Feb 17, 12:31 PM
    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.
    Originally posted by camspence987
    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
    • By ViolaLass 27th Feb 17, 12:39 PM
    • 5,579 Posts
    • 7,698 Thanks
    ViolaLass
    • #7
    • 27th Feb 17, 12:39 PM
    • #7
    • 27th Feb 17, 12:39 PM

    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.
    Originally posted by camspence987
    On what basis would you reclaim the refund? You borrowed the money.
    • Tanyag34
    • By Tanyag34 17th Aug 17, 2:35 PM
    • 2 Posts
    • 1 Thanks
    Tanyag34
    • #8
    • 17th Aug 17, 2:35 PM
    Pre-1998 Student Loan
    • #8
    • 17th Aug 17, 2:35 PM
    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
    • By Ed-1 17th Aug 17, 3:39 PM
    • 2,577 Posts
    • 1,376 Thanks
    Ed-1
    • #9
    • 17th Aug 17, 3:39 PM
    • #9
    • 17th Aug 17, 3:39 PM
    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.
    Originally posted by Tanyag34
    No - the Government of the time were not selling payment protection insurance with student loans!
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

3,033Posts Today

6,435Users online

Martin's Twitter
  • I mean really is this worth a news story (slightly frustrating that to tweet the ridiculous nature of this click ba? https://t.co/4ADi7coREG

  • The maths is wrong. Even if MPs weren't given a penny by the state in salary or expenses, it'd save a trivial count? https://t.co/Kgskcjd6eG

  • What an utterly depressing watch this is. I think the MP handles it as well as possible. Good on him for not just t? https://t.co/LrSY56HbPA

  • Follow Martin