Have you overpaid on your student loan?

Are you eligible for a refund on overpayments on your student loan?

Money hero Martin Lewis and the team at moneysavingexpert.com recently submitted a freedom of information request to The Student Loans Company and found that over 1 million people have overpaid their student loans just in the tax year 2022-2023!

If you are a parent and have taken maternity or paternity leave whilst repaying your student loan, then you could be entitled to reclaim this overpayment worth hundreds or thousands of pounds.

The reason that this has happened is that people have continued to be charged their repayments during times when their earnings have not met the threshold for repayment. This could be due to a fluctuation in your earning for example maternity or paternity leave so if you’re paying a loan and have taken leave to have a child it might be worth checking your payslips.

If you think you might have overpaid your student loan, you need to contact The Student Loans Company (Phone: 0300 100 0611) to explain the situation and ask to reclaim the money you’re owed. You’ll need your PAYE number, Payroll number and old payslips.

There’s no restriction on how far back you can claim so it’s worth checking in case you are owed something. If you are reclaiming because you have overpaid in the current tax year then you’ll need to wait until the end of this tax year (5th April 2024).