PSA: You could get up to £600 back from the Student Loan Company

Get that rebate bread


If you started paying your student loan back as soon as you graduated, you could be in for a hefty payday from the Student Loan Company.

You're only meant to start paying your student loan back the April after you graduate, regardless of how much you're earning.

Yet around 40,000 people a year start paying off their loan early, according to MoneySavingExpert.com. Despite this, not even 1,000 claim a refund.

In 2016/17, almost 1000 people got refunds for early repayment, for a total of £261,000.

Data obtained by Money Saving Expert show the Student Loan Company paid an average of £266 back in rebates.

One grad told Money Saving Expert they claimed £500 of early repayments back. James, who earned over £21,000 in his grad job, said: "I only knew about claiming the money back because a colleague told me I shouldn't start paying until the April after graduating.

"I rang up the Student Loans Company and the person on the other end of the phone told me I had paid back too early and could keep that money as money towards my student loan, but could have it refunded if I wanted."

So how can you do it?

Get your payslips and see if you started paying student loans before the April 6th after you graduated. If you graduated in July 2017, that would be April 2018.

If you've been paying back early, get your payslips, payroll and PAYE numbers as proof, and call the Student Loan Company on 0300 100 0611 to get 👏 that 👏 bread.

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