• iconNews
  • videos
  • entertainment
  • Home
  • News
    • UK News
    • US News
    • Australia
    • Ireland
    • World News
    • Weird News
    • Viral News
    • Sport
    • Technology
    • Science
    • True Crime
    • Travel
  • Entertainment
    • Celebrity
    • TV & Film
    • Netflix
    • Music
    • Gaming
    • TikTok
  • LAD Originals
    • Say Maaate to a Mate
    • Daily Ladness
    • Lad Files
    • UOKM8?
    • FreeToBe
    • Extinct
    • Citizen Reef
  • Advertise
  • Terms
  • Privacy & Cookies
  • LADbible Group
  • UNILAD
  • SPORTbible
  • GAMINGbible
  • Tyla
  • UNILAD Tech
  • FOODbible
  • License Our Content
  • About Us & Contact
  • Jobs
  • Latest
  • Topics A-Z
  • Authors
Facebook
Instagram
X
Threads
Snapchat
TikTok
YouTube

LAD Entertainment

YouTube

LAD Stories

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

Home> News> UK News

Updated 07:55 6 Dec 2023 GMTPublished 07:42 6 Dec 2023 GMT

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

Dominic Smithers

Dominic Smithers

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.

Advert

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.

READ MORE:

MARTIN LEWIS' WARNING TO UNMARRIED COUPLES WHO LIVE TOGETHER

MARTIN LEWIS REVEALS IF SMART METERS SAVE YOU MONEY

Advert

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.

Advert

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.

Advert

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.

Advert

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

Dominic Smithers
Dominic Smithers

Dominic Smithers is LADbible's Editorial Lead. After graduating from the University of Leeds with a degree in French and History, he went on to write for the Manchester Evening News, the Accrington Observer and the Macclesfield Express. So as you can imagine, he’s spent many a night wondering just how useful that second language has been. But c'est la vie.

X

@SmithersDom

Advert

Advert

Advert

Choose your content:

an hour ago
2 hours ago
4 hours ago
  • an hour ago

    Girl, 9, dies after mum left her in the car whilst she went to work

    She was left unattended in the car for hours

    News
  • an hour ago

    Incredible photo shows woman hanging on to tree before being rescued from freak flood that killed 27

    The woman had been swept 20 miles downriver before being rescued

    News
  • 2 hours ago

    Man robbed bank claiming 'it was art' and filmed the whole thing

    Gonna have to try this one

    News
  • 4 hours ago

    Someone made a £5000 Bitcoin investment in 2011 and has now made ridiculous profit 14 years later

    Maybe they're a time traveller who did what we all dream of

    News
  • Martin Lewis warned against using debit cards that are now becoming 'danger cards'
  • Martin Lewis issues urgent warning to thousands of Brits missing out on £3,500 pension credit
  • Martin Lewis issues desperate warning to Brits booking holiday this summer
  • Martin Lewis issues warning to all Brits over scam that’s ‘ruining people’s lives’