Martin Lewis has explained that over a million Brits can get themselves a refund that’s ‘very easy’ to do.
Yep, one of our favourite words, a refund. Aka, money back in your wallet.
Always having our backs, the MoneySavingExpert.com founder issued the call-to-action during last night’s (5 November) episode of his ITV show, Martin Lewis Money Show Live.
The national treasure told viewers that a whole load of people have reclaimed money back in overpaid student loan repayments as he explained how you can figure out if you’re due some money back.
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So, there’s a few reasons why this might all apply to you with one of them being if you started repaying your student loan but aren’t actually over the earnings threshold.
Lewis said this often happens when people’s earnings fluctuate from month to month or if they work on commission. Or, it can also sometimes be the case if you didn’t work for a number of months.
The threshold for when student loan repayments begin will depend on what type of plan you’re on. So, as is the fairly common one for many of us, for example, those who are on the Plan 2 loan only repay it when earning a yearly income of over £27,295 a year.
“Over a million people are in that position – and you can get the money back…” Lewis explained to viewers.
“The average payout on student loan claims is £280. This is very big and very easy to do, and it’s worth taking notes.”
One viewer shared her own experience with it, as she sent in a message to the live show: “I’m a nurse who overpaid my student loan, and as a result of working overtime due to COVID pressures, I got £444 [back].”
Another reason you might be owed back cash is if you were placed on the wrong payment plan.
Lewis said employers can be told to put you onto Plan 1 as a default which has a way lower repayment threshold than most of the others.
“So what do you do? In that case, dead simple, talk to your employer and tell them what plan you’re on, and then you call up the student loan company and ask for a refund,” he explained.
The bloke also told viewers that some people can claim money back if they started repaying it too early, or if they had some deducted after the loan was fully paid off.
“If your company doesn’t know when you graduated, it could take the money too early, and therefore you’re paying when you shield, and again, that means you can reclaim,” he said. “Just call the Student Loans Company payroll details will help you.”
If you go and sign into your Student Loans Company account, you can also find a form to fill out for claiming money back.
