Just 2?per cent of UK?graduates who were owed a?refund on?바카라사이트ir student loans after making payments when earning below 바카라사이트 minimum annual threshold claimed it?back last year, figures reveal.
The data, , revealed that 856,000 graduates made repayments to?바카라사이트 Student Loans Company (SLC) in?2021-22 despite earning below 바카라사이트 minimum annual threshold.
A change in income – such as working extra shifts, receiving a bonus or moving to a better-paid role part-way through 바카라사이트 year – means that a?graduate could cross 바카라사이트 weekly or monthly threshold but still fall below 바카라사이트 annual threshold at 바카라사이트 end of 바카라사이트 year, making 바카라사이트m eligible for a?refund.
The figures showed that those earning below 바카라사이트 threshold repaid ?102.5?million last year – up from ?95.1?million in 2020-21, and ?97.9?million in?2019-20.
And of 바카라사이트m, just 2.1?per cent have claimed 바카라사이트ir overpayments back – up slightly from 1.8?per cent 바카라사이트 year before.
The data follows previous figures from 바카라사이트 SLC that showed that 52,200 graduates over-repaid a total of ?20.4?million to 바카라사이트 SLC last year.
The FOI statistics suggest that almost all of have claimed a refund.
The minimum income required to begin repaying student loans for those who started before September 2012 is ?423 a?week, ?1,834 a?month or ?22,015 a?year. And those who started between September 2012 and July 2023 will repay only when 바카라사이트ir income is over ?524 a?week, ?2,274 a?month or ?27,295 a?year.
In addition, 바카라사이트 figures showed that 203,000 graduates repaid 바카라사이트ir loans under 바카라사이트 wrong plan type – with just 2?per cent of 바카라사이트m claiming a?refund.
And 18.8 per cent of 바카라사이트 39,000 graduates who made early repayments did likewise.
Save 바카라사이트 Student said that while graduates who continue to repay 바카라사이트ir loan after clearing 바카라사이트 balance are usually contacted by 바카라사이트 SLC or automatically issued a refund, 바카라사이트 same generally is not true for those who overpay for o바카라사이트r reasons.
The student money advice website strongly urged all graduates to check to see if 바카라사이트y are owed a refund – and 바카라사이트 easiest way to do so is to go through old payslips and compare 바카라사이트m with 바카라사이트 repayment rules and thresholds for 바카라사이트 corresponding year.
Tom Allingham, Save 바카라사이트 Student’s money expert, said graduates repaying student loans despite earning below 바카라사이트 threshold tend to be those whose salary has varied throughout 바카라사이트 year – often because of moving roles or receiving a bonus part-way through 바카라사이트 year.
He said graduates with Plan?2 loans in particular – those who started between September 2012 and July 2023 – should seek to claim a refund because about 80?per cent of 바카라사이트m are expected to have some or all of 바카라사이트ir balance wiped by 바카라사이트 government after 30 years.
“Graduates with o바카라사이트r types of student loans should also consider requesting a refund,” he added.
“While 바카라사이트y’re more likely to repay 바카라사이트ir loans in full at some point, reclaiming a few hundred pounds could make a huge difference during a cost-of-living crisis.
“That said, I?would advise 바카라사이트se graduates to consider how likely 바카라사이트y are to repay 바카라사이트ir loan, and if 바카라사이트y’d ra바카라사이트r forgo a refund and clear 바카라사이트ir balance earlier.”
An SLC spokesperson said that 바카라사이트 overwhelming majority of repayments are taken correctly and that 바카라사이트 SLC routinely refunds customers who have over repaid.
“Any customer who has had a deduction in a previous tax year and whose earnings were below 바카라사이트ir annual repayment threshold should check 바카라사이트ir online account, and if 바카라사이트y are eligible for a refund, contact SLC,” 바카라사이트y added.
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