Thousands of graduates across the UK may have unknowingly overpaid on their student loans and could be eligible to reclaim significant sums from the Student Loans Company (SLC). With many unaware of this potential windfall, time is running out to claim before crucial deadlines.
How Overpayments Happen
The system automatically deducts repayments from salaries once graduates earn above the repayment threshold. However, many continue paying even after clearing their debt, with the SLC not always notifying borrowers when their balance hits zero.
Who's Affected?
- Plan 1 borrowers (pre-2012 starters) earning over £22,015
- Plan 2 borrowers (post-2012 starters) earning over £27,295
- Those who've recently paid off their loans but still see deductions
How to Check and Claim
- Log into your SLC online account
- Check your current balance and repayment status
- If overpaid, complete the refund request form
- Provide evidence of overpayments (payslips/P60s)
Important Deadlines
Claims must be made within:
- 6 years for English/Welsh borrowers
- 5 years for Scottish/Northern Irish borrowers
The SLC has already refunded £28.8 million in overpayments last year alone. With average refunds reaching £2,000, this represents a significant potential boost for graduates facing cost-of-living pressures.
