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Student Loans Company owns £ 18.3m for overpayments made since 2015 | Student Finance

The Student Loans Company has exceeded £ 18m in overpayments by graduates and other ex-students since 2015, two years after the first pile of unclaimed refunds was disclosed.

The numbers obtained through the request for freedom of information are overpayments that SLC, which manages government-sponsored loans for tuition and maintenance, is waiting for a refund to about 60,000 ex-students from 2015 to 2020. Shows that you have £ 18.3 million.

The total includes £ 2m of unwanted payments made in 2019-20, despite administrative changes made by SLC to reduce overpayments by graduates who have cleared their outstanding debt. ..

A total of £ 18.3m is less than the £ 21m overpayment since 2015. Research Professional News Two years ago, SLC suggests that many of the ex-students who owe an average of £ 300 during that period cannot be found and refunded.

Overpayments totaling £ 6.3m in 2015-16 alone were held by SLC two years ago, but the latest figures show that more than £ 5m have not yet been reimbursed.

Student loans with income conditions are repaid by salaryman graduates through a payroll tax system managed by HM Revenue and Customs. Most of the overpayments occurred because HM Revenue and Customs and SLC exchanged data only once a year, but recently organizations have shared data once a week to reduce the possibility of overpayments. I am.

SLC said no refunds would be given if the ex-student did not provide the correct contact details.

An SLC spokesman said: “Customers can avoid overpayment by choosing to pay the student loan directly withdrawal during the repayment period of the last two years. Contact all customers two years before the end of the loan and during this period Encourages you to switch your repayment to direct debit.

“In addition, we now automatically refund customers and last year we automatically refunded £ 3.5m, but only if we have the latest contact information.”

Rachel Hewitt, director of policy and advocacy at the Institute for Educational Policy Research, told PA media that graduates should not be held accountable to avoid overpayments.

“It is unethical to have to take responsibility for not overpaying the loan recipient, which indicates that the system is flawed and that a significant number of graduates are overpaying. It is imperative to address this to avoid further distrust of. “

Last year, SLC made it possible to repay online for the first time, but the first website Martin LewisFor giving graduates, consumer finance champions, a “depressed, damaging and dangerous” picture of their debt.

Student Loans Company owns £ 18.3m for overpayments made since 2015 | Student Finance

Source link Student Loans Company owns £ 18.3m for overpayments made since 2015 | Student Finance

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