MARTIN Lewis has warned one million people could be owed THOUSANDS in cash – can you reclaim? The Money Saving Expert has urged anyone with an outstanding student loan to check if they are en…
He explained a Freedom of Information request into the Student Loans Company revealed over one million people overpaid in the 2022 to 2023 tax year.
But, if you don't earn above the threshold every month, or only work six months out of the year for example, the system will still take a percentage to repay your loan. "Yet millions of you, the majority, are on plans where you pay over £27,000. So, if you earn £24,000 and you were on the default, you would have repaid when you didn't need to do so."
He said: "Now, for most people that's after 30 years but it really does depend where in the UK you are and when you started university – there are 10 different variants; for some people it's 25 years, for some people it's when you're aged 65."
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