Money Saving Expert Martin Lewis Urges 1,000 People to Claim Student Loan Repayment
Money saving expert Martin Lewis has revealed that thousands of people may be eligible for student loan repayment.
And the personal finance guru urged people to take the money while they can, even if that means it will theoretically increase debt.
Speaking about his ITV program, the Martin Lewis Money Show, he said there were a number of reasons former students may have overpaid.
These include payments starting before April after graduation and miscalculated wages.
People who earn varying amounts from month to month may also have paid off student loans when they did not need them, as the salary threshold is applied throughout the year.
He said: “You only pay off your loan if people earn more than a threshold in a year. For people in England and Wales this is currently £ 27,000.
“But some people exceed it on a monthly income, sort of proportional, and they get billed.
“But if you earn less than the threshold in a year, you can get that back as well.
“To do this, simply call the Student Loans Company.”
Lewis said it’s easier to claim the refund if you have payslips or a payroll number handy, but that’s okay if you don’t have one.
For those who are worried about increasing their debt, he added, “I know some of you will go, ‘But surely it’s bad if you want to pay your debts, you don’t want to take the money out. ‘
“But remember, on the English and Welsh system, it is predicted that only 17% of college leavers will settle this within 30 years before the debt is written off.
“So taking money back won’t change what you pay in the future, it will just put money in your pocket now.”