Martin Lewis shares urgent warning to anyone still paying off their student loans with big change coming in 2025

Martin Lewis shared an urgent warning to anyone who is still paying off their student loans with a big change coming in 2025.

I mean, let’s be honest, who has even paid theirs off yet?

Obviously, good for you if you’ve somehow managed that, but the reality is most of us are set to be paying out a chunk of our salary each month for quite some time before it's wiped out.

In recent years, the annual cost of an undergrad degree in England and Wales has been set at £9,250. But for students in the 2025/26 academic year, they’ll be facing a new cost as fees will go up to £9,535 from 1 August.

So, while people are set to be charged more for their education, you might want to check if you can get some more cash back in your pocket from yours.

Always having our backs, Lewis previously issued a call-to-action for people to check their repayments.

With most UK students eligible for a loan to cover their tuition fees (as well as for maintenance), plenty of Brits are now in some level of debt to the Student Loans Company (SLC).

Loads of people have recently been claiming money back due to having overpaid on their repayments.

Lewis explained there's a few reasons why you may be able to do this, with one of them being if you started repaying your student loan but aren’t actually over the earnings threshold.

Lewis said this often happens when people’s earnings fluctuate from month to month or if they work on commission - or it can also sometimes be the case if you didn’t work for a number of months.

The threshold for when student loan repayments begin will depend on what type of plan you’re on. So, as is the fairly common one for many of us, for example, those who are on the Plan 2 loan only repay it when earning a yearly income of over £27,295 a year.

"Over a million people are in that position - and you can get the money back..." Lewis explained in a video from his ITV show, Martin Lewis Money Show Live.

"The average payout on student loan claims is £280. This is very big and very easy to do, and it's worth taking notes."

Another reason you might be owed back cash is if you were placed on the wrong payment plan.

Lewis said employers can be told to put you onto Plan 1 as a default which has a way lower repayment threshold than most of the others.

"So what do you do? In that case, dead simple, talk to your employer and tell them what plan you're on, and then you call up the student loan company and ask for a refund,” he explained.

He added some people can claim money back if they started repaying it too early, or if they had some deducted after the loan was fully paid off.

"If your company doesn't know when you graduated, it could take the money too early, and therefore you're paying when you shield, and again, that means you can reclaim,” he said.

“Just call the Student Loans Company payroll details will help you."

If you go and sign into your Student Loans Company account, you can also find a form to fill out for claiming money back.