Martin Lewis shares 'easy' refund available to millionsThe Martin Lewis Money Show Live/ ITVX
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00:00This is for people who've already been to university.
00:02We've just got the data of how many people overpaid
00:04on their student loans,
00:05people already paying off their student loans
00:07in the 2023-24 tax year.
00:09There are four ways you overpay.
00:10The first and the biggest by a mile,
00:13over a million people overpaid this way
00:16is you should only repay
00:17if you earn over the annual threshold.
00:20Now I'm gonna stand here so you can read it for you.
00:22Freeze frame if you need to read it in more detail.
00:25Let us take an example.
00:26For plan two, which has the most number of people on it,
00:292012 to 2022 English starters,
00:33you got to understand if you earn less than that,
00:35you shouldn't repay the student loan,
00:37but because it's taken by the payroll,
00:39your student loan is taken monthly.
00:41A 12th of that is 2,274 pounds a year.
00:45So if you earn more than that in a month,
00:47you're gonna have student loan contributions taken from you.
00:50So if you work, let's say for only nine months of the year,
00:54or that you have some months with big commission
00:56where you're earning over that amount,
00:59you will have repaid in a month
01:00even though your earnings are under the annual threshold,
01:04and therefore you are able to claim this money back.
01:08Over a million people are in that position
01:11and you can get the money back and to do it.
01:13It's so big, there's now a form online,
01:15go into the student loan company,
01:17do the refund request form at gov.uk.
01:19And I say there's a million in the last year,
01:21there's millions more from previous years,
01:23and you can simply have that money repaid to you.
01:25The average payout on student loan claims is 280 quid.
01:29This is very big and very easy to do,
01:31and it's worth you taking note of.