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James Murray, Visionary Accountants Practice Manager, St Albans, Hertfordshire

James Murray, Visionary Accountants Practice Manager, St Albans, Hertfordshire

Student loan overpayments of £28m revealed

Wednesday 21 August, 2019

According to figures obtained via freedom of information requests by Research Professional News, a higher education publication, up to £308m was overpaid between 2009-10 and 2017-18 but up to a tenth of this figure has not been refunded.  Data obtained by the Student Loans Company (SLC) reported that over half a million students in England overpaid their student loans by £600 on average.

James Murray, Visionary Accountants Practice Manager, St Albans, Hertfordshire said: 

‘The government has £28m of student loan overpayments by graduates that they know about but have been unable to refund at present.  This includes money borrowed to pay student tuition fees and university living costs.  It appears that in some cases repayments from graduates’ salaries every month continued to be taken although the loans had been paid off in full.  The Student Loans Company is trying to contact any students that might have been overcharged to organise refunds for them. Student loans are deducted at source through payroll so it is really important to check your deductions and notify the SLC if a loan has ended but is still being deducted.'

James Murray, Visionary Accountants Practice Manager, St Albans, Hertfordshire continued: 

‘Many graduates will be affected by the student loan overpayment and we know some of our clients took out student loans themselves or paid for their children through university.  We are advising anyone who might be affected to check with the Student Loans Company on 0300 100 0611.  The Student Loans Company is concerned that contact details could be out of date, so they are asking former students to call them to arrange a refund.  The overpayments should become less likely going forward as the SLC and Revenue & Customs can now share weekly data so loan repayments can be updated sooner.’

 

 

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