UK government holding millions in student loan overpayments
Topics: STUDENT LOAN UK
Figures from the Student Loans Company (SLC) , obtained by Research Professional News, show that between 2009/10 and 2017/18, a total of £307,821,092 was overpaid.
Of this, £28,460,095 has not yet been refunded. The figures also show that between these years, 513,134 people in total had overpaid, and the average repayment was £597.
In the past overpayments happened because of the way SLC received repayment information. It was sent once every 12 months, at the end of the tax year in April.
It meant that if a graduate repaid their loans during the tax year, for example in November, they will have been making overpayments for the rest of that tax year.
SLC insists new rules meant that overpayments were now less likely and it actively contacts everyone who overpays to arrange refunds. ■