Save the Students has revealed that hundreds of thousands of people who took a student loan may have been overpaying. For some refund could be in the thousands.
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00:00University graduates across the UK could be owed a share of £184m in student loan refunds according to the campaign group Save the Student.
00:11The group's status shows that many who borrow to fund their studies have overpaid and are entitled to refunds, ranging from a few thousand pounds to several thousands.
00:23Most overpayments occurred when repayments were deducted from borrowers earning below the required repayment threshold.
00:29This threshold varies by loan plan. For instance, Plan 1, which covers those in England and Wales who began university between 1998 and 2011, has a threshold of £24,990.
00:44Overpayments can result from employers placing graduates on incorrect payment plans, or from payments continuing even after a loan has been fully repaid.
00:55While overpayments reduce loan balances, money-saving expert Martin Lewis explains that many on Plan 2 loans, for those who start a university in England from 2012 to 2022, won't pay off their loans in full before they're forgiven after 30 years.
01:11For these borrowers, overpayments may not lower their total repayment, making it worthwhile to claim a refund now.
01:19For some, a refund can be essential amid rising living costs. Tom Allingham from Save the Student notes that even a small refund can make a big difference.
01:30To see if you're eligible, check the Student Loan Company portal online.