People who are repaying student loans are being urged to update their contact details as they may be owed refunds.
Students in the UK are able to apply for loans and grants to pay for their education, as well as to support them while they study. The majority of grants do not need to be paid back, but loans do once you start earning above a certain threshold.
Tuition fee, maintenance, and post graduate loans all need to be repaid. When you start repaying your loan and how much you pay depends on which repayment plan you’re on.
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A Money Saving Expert investigation found graduates overpaid their student loans by over £100 million during the 2019/20 tax year.
People who overpay their repayments are entitled to refunds, and a Student Loans Company update on Monday has advised those with loans to keep their contact details up to date - in case they're owed money.
Gov.uk said: "After you’ve finished your course, we’ll still be in touch, so it’s important that you keep your contact details up to date. Otherwise, you’ll miss out on important information about your student loan repayments. You should also keep your bank details up to date in your online repayment account in case you’ve repaid more than you owe and are due a refund.
"It’s important you check we have the correct information for you so we can process your refund quickly when you contact us."
You can make sure your student loan details are up to date here
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