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Martin Lewis issues urgent warning to any Brits who still have a student loan

Martin Lewis issues urgent warning to any Brits who still have a student loan

You'll want to check this out if you've got a student loan

Martin Lewis has shared a warning to anyone currently paying back their student loans.

Every month, former students pay back a tiny, tiny portion of their loans, so little in fact that most will never be out of debt.

However, the Money Saving Expert says many of us may have actually overpaid.

Lewis explained that there had been an issue with the loan repayments for the year 2022/23.

According to the financial whizz, there were a handful of ways some could have actually handed over too much money.

Speaking on his ITV show, Lewis said over 160,000 students had firstly been placed under incorrect payment plans.

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Those who went to uni between 1998 and 2011 started paying back their loans once they earned more than £22,015, while the 2012 to 2022 cohort began once they reached £27,295.

ITV

The obvious mix-up here is that your employer has you under the wrong group, meaning you could start paying out much earlier than you're supposed to - which Lewis says has very much been the case.

The next issue is due to variable incomes.

Over 830,000 people were paying out even though they were below limit.

Those who worked under PAYE - 'pay as you earn' - are susceptible to repayment issues, according to Lewis, as their wage often changes.

And he warned viewers that people may have actually ended up forking out hundreds more than they were supposed.

The next category is reserved for those few among us who have actually managed to pay off the loan already.

Yep, despite having made all the repayments and no longer being in debt, they could still be owed money.

Getty

In order to avoid this issue, Lewis suggested using a direct debit, so you can cut it off when you know you're back in the black.

And finally, this may seem simple, but the expert urged graduates to be careful about paying back their loan too early.

He explained that they don't need to start making repayments until the April after they've graduated.

"So, sometimes companies don't know when you left university or they have the wrong details, in which case you start repaying when you shouldn't be repaying," he said.

"And again, you can get that money back too."

If you think you may have paid out too much, you'll need to go through your old payslips and get in touch with the Student Loans Company ASAP.

You can get them on 0300 100 0611 in England, or 0300 100 0370 from Wales, and +44 141 243 3660 from abroad.

You can also check through this link.

Featured Image Credit: ITV/Getty Stock Image

Topics: UK News, Martin Lewis, Money