Martin Lewis shares ‘easy’ refund available to millions

Martin Lewis shares 'easy' refund available to millionsThe Martin Lewis Money Show Live/ ITVX

Transcript

00:00This is for people who've already been to university.

00:02We've just got the data of how many people overpaid

00:04on their student loans,

00:05people already paying off their student loans

00:07in the 2023-24 tax year.

00:09There are four ways you overpay.

00:10The first and the biggest by a mile,

00:13over a million people overpaid this way

00:16is you should only repay

00:17if you earn over the annual threshold.

00:20Now I'm gonna stand here so you can read it for you.

00:22Freeze frame if you need to read it in more detail.

00:25Let us take an example.

00:26For plan two, which has the most number of people on it,

00:292012 to 2022 English starters,

00:33you got to understand if you earn less than that,

00:35you shouldn't repay the student loan,

00:37but because it's taken by the payroll,

00:39your student loan is taken monthly.

00:41A 12th of that is 2,274 pounds a year.

00:45So if you earn more than that in a month,

00:47you're gonna have student loan contributions taken from you.

00:50So if you work, let's say for only nine months of the year,

00:54or that you have some months with big commission

00:56where you're earning over that amount,

00:59you will have repaid in a month

01:00even though your earnings are under the annual threshold,

01:04and therefore you are able to claim this money back.

01:08Over a million people are in that position

01:11and you can get the money back and to do it.

01:13It's so big, there's now a form online,

01:15go into the student loan company,

01:17do the refund request form at gov.uk.

01:19And I say there's a million in the last year,

01:21there's millions more from previous years,

01:23and you can simply have that money repaid to you.

01:25The average payout on student loan claims is 280 quid.

01:29This is very big and very easy to do,

01:31and it's worth you taking note of.