Student Finance Refund in UK, Check Eligibility & How to Claim?

Written byPraveen Singh

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Student Finance Refund in UK: Many students in the United Kingdom apply for a loan to complete their education. Some of those students overpay their student loan amount without any knowledge. All of these students are eligible for the Student Finance Refund in the UK. The government is offering the program to all eligible customers. One thing which must come into the reader’s mind is how will they know whether they will get the benefit or not, The same question can be solved by going through the required eligibility criteria.

The government of the United Kingdom offers financial aid to students through Student Finance, which helps them pay for the educational institute or tuition fee and with their living costs. After completing their studies, students need to repay only their tuition fee loans, postgraduation loans, and maintenance loans.

Now, there is a need to repay the overpayment made by the students. Interested individuals can check out the United Kingdom Student Finance Refund process and other important details such as the claiming process, required eligibility criteria and more in the following article.

Student Finance Refund in the UK

The Repayment Plan is considered for the repayment plan and the loan repayment. Many students choose to repay their student loans automatically. The amount is automatically deducted from the salaries of the eligible candidates which makes the repayment process easy for students. However, sometimes the repayment amount is overpaid without knowing. According to the statement made by the Student Loans Company, the overpayment situation usually occurs due to the ICR system i.e., Income Contingent Repayment.

Under the system, HMRC shares repayment information with SLC at the end of the tax year. The same process took place annually. The same situation led to the overpayment of the student loan repayment when the plan was nearly to an end. Now, the eligible students will get back their payment through the Student Finance Refund.

The officials will identify the students who have overpaid and the process of UK Student Loan Refund will commence. Many students have still not got back their payment due to changes in their residential address. So, students should be aware of respective student loan repayment overpayment to get the refund later. Individuals are advised to keep the payslip along with the P60 record safe to easily get a refund in the future.

Student Finance Refund in UK, Check Eligibility & How to Claim?

Eligibility Criteria to Get a United Kingdom Student Loan Refund in the UK

The officials explain several situations in which students can ask for a refund. The following are those situations:

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  • If Individuals have paid more than the total amount they owe: HMRC will contact the employer to stop taking the repayment from the salary. The same thing can take upto 4 weeks to implement. Once, it is stopped, individuals can apply for the extra amount to be refunded.
  • The annual income was below the threshold: Individuals can ask for a refund if they have made repayments. However, the income over the whole tax year i.e., 6th April to 5th April of the following year was less than:
    • £24,990 a year for Plan 1
    • £27,295 a year for Plan 2
    • £31,395 a year for Plan 4
    • £21,000 a year for Postgraduate Loan
  • Individuals started making repayments before they needed to: If the authority started deducting the amount of student loan from the beneficiary’s salary before the repayment commencement date, individuals are eligible to get a refund.
  • If the employer had the individual on the wrong repayment plan: If individual selected the Plan 2 to repay the loan amount and the employer had the beneficiary on the other plan then they can apply for a refund.

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How to Claim the Student Finance Refund in the UK?

Individuals who want to claim the Student Finance Refund can do it in multiple ways mentioned below:

  • Online: Individuals can apply for a refund online. They will have to visit the official website of the Government of the United Kingdom. After that, they need to Sign in to their student loan repayment account and click on the refund link. Later, provide all necessary details and submit the form to claim the UK Student Loan Refund.
  • Call and Contact: Customers can also Call or contact the Student Loan Company with their customer reference number.
  • Via Post: Lastly, beneficiaries can contact the Student Loan Company via post and claim the refund (Student Loans Company Ltd, 10 Clyde Place, Glasgow, G5 8DF)

Frequently Asked Questions

What are the contact details of SLC to get the United Kingdom Student Finance Refund?
Telephone: 0300 100 0611 (England, Northern Ireland or Scotland), Telephone: +44 (0)141 243 3660 (outside the UK) and Telephone: 0300 100 0370 (Wales): Timings- Monday to Friday (8 AM to 6 PM)

What is the Student Finance Refund in UK Amount?
The amount which a student can get as a Student Finance refund depends on the amount the student has overpaid. The overpayment amount will be provided to beneficiaries soon after the application submission process.

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