People are finding out that they're owed hundreds of pounds by the Student Loans Company

Louis Staples
Wednesday 11 March 2020 17:45
Celebrities
Image:(iStock/Twitter)

Do you like free money?

So do we. Like, a lot.

There’s an old saying that says “there’s no such thing as a free lunch”, but former students in Britain are finding out (thanks to an genius piece of reporting from Vice UK) that there is such a thing as a free cash injection of hundreds of pounds.

It turns out that Student Finance owe many students hundreds of pounds, and it takes mere minutes to a) find out if you qualify and b) get it back.

How has this happened?

You might not have heard it from the horse’s mouth, but Student Finance England has been sitting on millions of pounds of overpaid student loans. The Guardian reported last August that a total of £308 million was overpaid between 2009/2010 and 2017/2018. It turns out that around 10 per cent of that money (about £30m) had not yet been refunded.

Student loan repayments aren’t an exact science, which means at the end of every financial year some people might have overpaid.

This writer was owed £100 for an overpayment in 2016. Yay!

Student Loans Company have made an effort to contact people who are owed money. But most people have moved several times since they were last in touch. If this sounds like you, then you could be owed hundreds of pounds.

What’s the catch?

There isn’t any, except any amount you get back will be added to the amount you owe overall. But given the fact that lots of studies show many people will never pay their loan back in full (or at least not until they’re much older) why not take the cash injection now?

How do you get the cash?

– Call Student Finance on 0300 100 0611.

– If you know your Student Finance number, give it to them. If you don’t, hold and speak to someone who'll be able to help you.

– Tell them that you’re calling to see if you’re owed any repayments.

– Wait to see how much you’re owed, and accept the repayment when they ask.

– Watch the money hit your account.

Don’t believe us? Don’t just take our word for it.

Since Vice UK’s Ryan Bassil reported on this story last week, people have been posting on Twitter to reveal how much they were owed. Nothing prompts a humble brag quite like free cash...

Here’s some examples…

But sadly it's not the case for everyone...

Try it for yourself to see how much you're owed.

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