Are you aware that over 100,000 graduates are owed cash through the learning figuratively speaking Company for repaying their loans straight right back too quickly? And you also could possibly be one of those!

There is just one quantity that really matters on your own payslip, and that is the juicy that is big at the underside which tells you the amount of money you’re getting paid, right? Well, there is actually another crucial quantity on here, the one which could suggest you are owed a huge selection of pounds.

It’s been revealed that more than 100,000 graduates can put on for education loan refunds following the Student Loans Company (SLC) began repayments that are taking early – and also you could possibly be one of these.

The best benefit is, it is less complicated than you possibly might expect. There are no lengthy types to fill out, and you also could literally earn right straight back a huge selection of pounds in only a short while. Here’s your step-by-step guide to just just how it is done…

What exactly is on these pages?

Whenever do you realy begin trying to repay your education loan?

Presently, graduates don’t start repaying their education loan through to the April after their graduation. Therefore in the event that you graduated in July 2016, you’d begin paying down your loan in April 2017, providing you with an eight-month break before repayments are deducted from your own income.

But, it is also essential to remember that you’ll only begin making education loan repayments within the April after your graduation if you should be making over an amount that is certain of, and also this limit will be different based on your individual circumstances.

You earn over ?25,725 a year if you started uni in or after 2012, and you’re from England or Wales, you’ll start making repayments when. But be aware that before April 2019 this limit had been set at ?25,000, and before then it had been ?21,000.

You earn over ?18,935 a year, but this threshold changes on a yearly basis if you started uni in 1998-2012 OR you’re from Scotland or Northern Ireland, you’ll start making repayments when.

Understand that tuition costs and their repayment terms differ through the UK, so remember to always check our guides out on student finance in Scotland, Wales and Northern Ireland.

If you are self-employed, HMRC works away how much you’re due to pay for centered on your taxation return.

Regardless how much you’re earning, no body ought to be repaying their education loan prior to the April after their graduation.

Why have actually education loan repayments been taken too quickly?

Credit: Warner Bros.

Your education loan repayments will likely to be deducted from your salary automatically (unless you’re self-employed) the moment you’re eligible. This sounds great and means you don’t have to even think about your repayments, it also means people tend not to notice when something is amiss while on the surface.

There has been quantity of reported main reasons why repayments are taken too early.

For example, once you begin a new work, you’ll usually have to complete a questionnaire saying whether you’ll be making education loan repayments; in the event that you or your boss makes an error filing this in, you will be incorrectly categorised as entitled to repayments when you are maybe not.

It’s additionally more likely to take place in the event that you begin earning over the wage limit prior to the April when you graduated when you’re designed to begin making repayments.

Don’t forget, even if you were to think you’re the main one who made the error, you’re nevertheless entitled to that refund, so don’t forget to inquire of.

Often it may you should be an admin error that is random. For Jo Westbury, it absolutely was a mix-up with graduation times:

We called The scholar financial institution today, they recomme personallynded me personally which they had two graduation times for me personally which explains why We began paying back previously! I had to phone my Uni (that has no basic concept where they got the sooner graduation date from), whom then had to make contact with the student education loans company to verify that We graduated in 2016 and never 2015. The scholar Loan Company have actually encouraged that when they get verification of my graduation date through the Uni they shall refund my ?820 in thirty day period!

How people that are many owed a student-based loan reimbursement?

Credit: Sakeeb Sabakka – Flickr

A amount that is huge therefore be sure to verify if you’re one of these! As a whole, the figures due a student loan refund soon add up to more than 100,000 plus some Freedom of Information needs have revealed the eye-watering breakdown.

Tax no. Of grads paying before the April after graduation	No. Of grads who have already received refunds
2014/15	41,170	810
2015/16	24,800	400
2016/17	37,320	980 year

This shows 101,100 of you may be qualified to receive a reimbursement but have actuallyn’t claimed it – when you have actuallyn’t already, look out those payslips to get checking.

Exactly how much could you be owed?

We’re perhaps perhaps not speaking tiny amounts here either. The refund that is average out to claimants who overpaid within the 2014/15 income tax 12 months ended up being just over ?395, whilst in 2015/16 it absolutely was ?370 plus in 2016/17 it had been ?266. Demonstrably, there aren’t any guarantees, but if you wind up with a few hundred quid straight back in your bank account, it’s definitely worth the phone contact our viewpoint.

Directly after we shared the story early in the day this year, Save the Student reader Olivia Gledhill been able to claim ?74 back simply by ringing up and asking. You’ve got nothing to readily lose.

How exactly to always check whether you’ve started spending your education loan right back prematurily.

Everything you need to do in order to learn whether you began making repayments prematurily. Is to find a hold of a payslip from ahead of the April when you graduated. It will state quite plainly simply how much has been deducted from your income for your education loan repayments (see right).

Don’t be concerned about totalling up how money that is much been taken too soon – the SLC can do the time and effort for your needs. So long as you have actually the verification from your own payslip that at the least some cash had been taken prior to the April after your graduation, you’re ready to go.

Could it be well worth getting a learning education loan reimbursement?

Getting a student-based loan reimbursement does not affect the total number of financial obligation you borrowed from. This refund (unfortunately) isn’t going to change that one bit if you graduate from uni with ?32,000 of debt.

Therefore why bother obtaining the reimbursement?

You must understand that there’s a very high chance you’ll never repay your entire pupil financial obligation so you should try and keep a hold of as much money as you can before it’s wiped off after 30 years anyway.

Analysis has shown that more than 75percent of pupils will never also pay back their full education loan, specially with all the additional interest. In reality, if you are interested, you can make use of our education loan calculator to sort out the length of time it may need to cover your debt off.

When students observe how debt that is much in after graduation, it may be an easy task to panic and try to spend all of it down before it starts accruing more interest. Nevertheless, in the event that you repay it during the price set by the figuratively speaking Company, there’s a top possibility a big amount from it is going to be written down after three decades, saving your self lots of cash in the end.

If you have been making repayments too soon, I’d absolutely recommend requesting a reimbursement it back if you’re eligible, as you’ll likely never have to pay.

Jake, Save the Scholar’s Student Finance Professional

Simple tips to claim education loan reimbursement

This is the bit which places individuals from the most – the real claiming associated with refund. But think us, it’s a complete lot more right ahead than you’re probably thinking.

It is best to possess a couple of items of documents at hand to help make the procedure since fast as you are able to, so try to have your payroll quantity, PAYE reference number and payslips during the ready.

If you can’t monitor each one of these down though don’t worry, MSE is reporting that lots of folks have succeeded by simply ringing up and asking, also without having the documents.

Just how to contact the learning Student Loans Company

Everything you need to do is call the figuratively speaking Company on 0300 100 0611, explain from you too early and that you would like to request a refund that you think some student loan repayments were taken. They’ll find a way to gain access to your account to observe how you’re that is much and issue your reimbursement within one dropped swoop. One telephone call as well as your student loan reimbursement shall be making its method towards your banking account.

It does not make a difference just how long ago you graduated – it may happen 2 yrs ago or a decade ago, all claims will always be valid.