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You Can Now Get Up To £1,000 Back On Your Student Loan Payments

You Can Now Get Up To £1,000 Back On Your Student Loan Payments

If you've graduated in the last 20 years, you could be eligible to claim back up to £1,000 on your student loan repayments, according to money guru Martin Lewis.

The financial expert explained to viewers on the Martin Lewis Money Show how they could've easily over payed in their student finance repayments, which would be music to anyone's ears.

"This goes way, way back to 1998," Martin said. "You call up the student loans company and ask for your money back and you could be due £700, £800, £900."

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But how does it work? Well, for anyone who started higher education in or after 1998, the rules say you only have to pay it back from the April after you graduate and then it only applies as long as you meet the repayment threshold.

Credit: PA Images
Credit: PA Images

So, if you started paying back your loan before the April after your graduation - first of all congratulations on earning enough, and secondly, you could be due some money back.

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According to Money Saving Expert, more than 100,000 people have started paying their loan back too soon in just the last three years, which means hundreds of thousands of people could also be owed money from previous years.

Credit: PA Images
Credit: PA Images
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If you think that could apply to you, all you need to do is ring the student loans company on 0300 100 0611, and tell them you believe you may have started paying back your student loan before the April after your graduation and therefore would like to claim back any money you have overpaid.

Martin pointed out that it's always better to take the cash back, rather than count it towards your student loan, simply because of the way the loan system is calculated.

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"In the vast majority of cases you're better off taking the cash out," Martin said.

We'll certainly take your word for it, Martin.

Featured Image Credit: PA Images

Topics: Life News, Money, Real, advice

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Emma Rosemurgey

Emma Rosemurgey is an NCTJ trained Junior Journalist at Tyla. She graduated from the University of Central Lancashire in Preston and started her career in regional newspapers before joining the team in 2017. Contact her on [email protected]