Grad bags £10k refund on their student loan because of an admin error
The Student Loan Company gave one recent grad a refund of nearly £10,000 last year because an admin error meant they started paying it back too early, The Tab can reveal.
The whopping £9,738 refund was the largest in a total of £917,969 dished out by the Student Loan Company to 3,186 students in 2017/18.
A total of 37,867 students started paying back their student loan early during this time, according to data obtained by The Tab through a Freedom of Information request.
For the tax year April 2018 to March 2019, 38,683 students began repaying their student loan early with only 2,647 of them claiming a refund. Student Finance paid out a total of £699,570 and the largest refund given was £4,352.
The Tab previously reported that if you began paying back your student loan before April 6th after you graduated, you could be owed up to £600.
If you have been paying back early, you need to get your payslips, payrolls and PAYE numbers to prove it. Then you must phone up Student Finance and enjoy your refunds. Drinks all round.