personal finance

Graduates yet to claim loan overpayments worth £28m


More than £28m of overpayments that graduates have made on their student loans remain unclaimed, a Freedom of Information request has revealed.

Research Professional News, a higher education website, found that overpayments totalling over £300m were made between 2009-2018, averaging £600 per student, although most of these had been repaid.

The Student Loans Company said it had “proactively tried to contact all customers that have over-repaid” but if contact details were out of date, students would need to get in touch to reclaim the cash.

HM Revenue & Customs collects student loan repayments via salary deduction. In the past, the SLC only received repayment information from HMRC once a year, meaning payments could continue for up to 12 months after loans had been paid off.

The Department for Education introduced changes to the system this year to make overpayments less likely in the future.



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