In 2019, it was revealed that the SLC (Student Loan Company) had an insane £308 million in overpaid loan payments, meaning they owed the money back to graduates but it was still sat in their accounts, in 2020 this number has significantly dropped but it’s still sitting at a staggering £28 million in overpayments!
The majority of loan repayments to the SLC are taken automatically from salary wages each month, however, in some cases the amounts taken were wrong! The SLC to be fair do contact those affected to repay the balances but typically these loans are from several years ago so if people have changed contact details they may miss out on the reminders!
Prepare to be disappointed though and then anything extra is a bonus, you most likely will login/call and be told you still owe a large chunk of money, the amount owed to you will is very personal and depends on many factors, for the 18/19 tax year it was estimated £36,359,200 was overpaid which averages at £534 per graduate!
What do I need to do to check?
Find some of your paperwork and give the number a call, it should be:
- 0300 100 0611 (England, Northern Ireland or Scotland)
- 0300 100 0370 (Wales)
- +44 (0)141 243 3660 (Outside of the UK)
OR go to the Student Loan Company website https://www.gov.uk/government/organisations/student-loans-company and login to check your balance.
You will need:
- Your student loan company IDOR
- Other personal details such as your payroll number, bank details, or a PAYE reference from a payslip to verify your identity.
How will I get the money?
If you have overpaid you can request the money back to your bank account or you can put it towards your existing loan if you have one, it will be down to your personal circumstances, other debts, loan type etc on which option is best for you.
Can SLC not just do this automatically?
You would think that would have always been the case but it hasn’t been, the SLC says graduates who did not join its direct debit scheme and have not yet responded to communications on how to claim their money back may now receive a refund if the SLC has their bank account details. The money will show as ‘SLC Receipts’ on statements.
The reason this happens is that HMRC only updates SLC once per year, so if your circumstances change they don’t know about it until it’s too late!
Does it really work?
That depends on various factors but here are a few recent examples from Twitter or Reddit:
“MATE I just rang them and am getting just over a grand back!! I’m slightly drowning in credit card debt and this is going to make a really positive impact. Would never have called if it wasn’t for your post. THANK YOU 💰 💰💰 (and the whole thing took 13 mins total)” – economycomputer
“Holy shit, thanks OP! I just called them and got £782 back. Was on the phone for less than 10 minutes.” – thriftygeo
“You absolute hero. Just got £221, will be with me next Tuesday!!” – MichaelMoore92
Everyone ring the #studentloans company now! I didn't think I'd get anything now I am getting almost £200 refunded due to overpayments 🤯
— 🤷🏾♂️ (@rockytyt) March 10, 2020
Be sure to let us know below how you get on: