University graduates urged to check their Student Loan repayment as they could be owed £100s

Nearly one million students made unnecessary Student Loan repayments in the 2021/22 financial year, according to data obtained by Save the Student.

Through a Freedom of Information (FOI) request, the student advice group has revealed how hundreds of thousands of graduates made unnecessary repayments for a wide variety of reasons.

According to the data, 856,475 graduates made repayments despite being below the earning threshold and it is understood that the value of these mistaken payments exceeds £100 million.

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Meanwhile, in 2020/21, 39,000 graduates accidentally made early repayments while over 50,000 made repayments despite clearing their balance.

Tom Allingham, Save the Student’s money expert, said: "I’d strongly urge all graduates to check if they’re owed £100s in the form of a Student Loan repayment refund.

"In the case of graduates repaying their Student Loans despite earning below the threshold, this tends to be because their salary has varied throughout the year. Take England and Wales, for example, where the Plan 2 repayment threshold is currently £27,295 a year.

"Depending on how often you’re paid, repayments are made in accordance with the monthly or weekly equivalents of this threshold. So, if you work extra shifts, receive a bonus or move to a higher-paid role part-way through the year, you may start making repayments.

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"However, if your total earnings at the end of the financial year are still below £27,295, you’re entitled to a refund of any repayments you made. But whatever the reason, if you believe you may have made incorrect