8 months ago
Being the second biggest problem in US, student loans continue scaring today’s grads. However, in this post, the Typical Student team has something special for you. Basically, in case you've graduated in the last 20 years, you can claim back up to £1,000 on your student loan repayments.
Martin Lewis is a well-known financial expert who explained on his Money Show how ex-students could've overpaid in their student finance repayments.
"This goes way, way back to 1998," Martin said. "You call up the student loans company and ask for your money back and you could be due £700, £800, £900."
And what does it mean? To make a long story short, anyone who started getting higher education in or after 1998, can get money back from the April after you graduate. Then it only applies as long as you meet the repayment threshold. With it, in case you started paying back the student loan before the April after your graduation, you can get some money back.
According to the stats, over 100,000 grads started paying their student loan back too soon. And that’s why today they can get this money back! Experts say that you can receive up to £1,000 better off. Besides, Martin pointed out that “it's always better to take the cash back, rather than count it towards your student loan.”
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