Martin Lewis shares important student loan advice on how to claim back thousandsMartin Lewis
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00:00 So you only have to repay if you earn over £27,295.
00:06 Let's take a twelfth of that, the sort of monthly average amount,
00:09 and you get to £2,274.
00:13 So because you pay this through the payroll, through PAYE,
00:18 if you earn over £2,274 in a month,
00:23 they take 9% of whatever is above that to go towards your student loan.
00:27 But now let's imagine you only worked six months of the year,
00:30 or most months you earned below the £2,274,
00:34 but you just got some bonus or you worked overtime,
00:37 so a few months you earned above it.
00:39 That may mean your student loan repayments were taken,
00:43 even though in the tax year in total, April to April,
00:47 you earned less than £27,295.
00:52 If that happened, you repaid your student loan
00:56 when you needn't have done so,
00:58 so you are eligible to take that money back.
01:01 Well, in a nutshell, if possible, gather your old pay slips,
01:04 your payroll number and a PAYE reference number.
01:08 And you'll have those when you get in touch either online or phone
01:12 the student loans company, they would prefer it to be online,
01:14 and you just tell them that you think you overpaid.
01:17 If you don't have those, I'd get in touch with them anyway,
01:19 it just slows the process down.
01:21 But try and do your research to make sure you think this is likely that you did this.
01:24 Don't just do it speculatively.
01:26 There is no time limit here,
01:28 but in a nutshell, it's pretty simple to reclaim.
01:31 But if you're thinking, "Oh, that sounds a bit brave,"
01:34 then I would urge you to go to the guide on moneysavingexpert.com.
01:37 The easiest way to find it is search "reclaim student loans MSE,"
01:44 which is the short name for moneysavingexpert.com.
01:47 I hope you find this useful.
01:48 Good luck and do let me know if you succeed.