IN THE MONEY
Martin Lewis reveals sneaky trick for student loan borrowers to get a refund worth HUNDREDS
MONEY Saving Expert Martin Lewis has revealed a hack that could help you save HUNDREDS on your student loan repayments.
The finance guru explained on This Morning that anyone who accidentally started paying back their loan early can claim for the cash back.
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He also revealed that payroll glitches mean that Brits could still be paying off their loan after they've settled their debt.
Speaking to Holly and Phil, he revealed: "You’re only eligible to start repaying your student loan in the April after graduation – often around nine months after leaving.
"In that April you repay 9 per cent of everything you earn over £21,000, but none of that really matters - if you started paying before the April, you shouldn't and you're entitled to get that money back.
"The problem is employees start repaying automatically through the payroll, like tax. So if your employer has the wrong info about your uni leaving date, or simply does it wrong you may’ve started repaying early.
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"In a perfect world you’d check your payslips, then call up the Student Loan Company with your national insurance number, payroll number and PAYE reference.
"But if you don’t have these details you can still call the Student Loan Company and ask them to check - although they'll hate me for saying that.
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He then revealed that former students can be overcharged by HMRC not telling the Students Loan Company how much they've paid - even when the debt is clear.
MoneySavingExpert revealed in December that students could be due £333 each because they started repaying their student loan too soon.
"A huge 86,000 overpaid this way in 2015/16 alone," he said. "This happens because the Student Loans Company only gets told by HMRC how much you've paid once a year.
"As a result, people who've finished paying off their loans can still have money deducted up to a year later – this is due to change from 2019. It will write and tell you if this has happened, but that takes time, if you think you’re impacted call it and speak to it."
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