Martin Lewis issues warning about DWP letters
MARTIN Lewis has warned that a million people have been overpaying their student loans - and could be owed a refund.Money Show Live, on ITV on Tuesday, the show host said graduates were able to claim money back if they had overpaid, which was "very easy to do".Martin said: "The first, and the biggest by a mile, over a million people overpaid this way, is you should only repay if you earn over the annual threshold.
He explained that because repayments are taken from your payroll monthly, if your earnings vary through the year, you may be assumed to be over the yearly limit in one month of decent earnings. The fourth reason is that the loan was wiped - which typically happens after 30 years - but a number were still left paying in error.
"Turns out I had and I've since received a refund of £900! I've been doing house renovations this year so this money has been incredibly handy in going towards them."THE maintenance loan you qualify for is determined by your household income at the time of application, as well as whether you will be studying from home or away.Up from £13,348 to £13,762 a year Studying abroad as part of a UK course:"Most was because of my maternity leave.
However, it's important to note that any remaining debt can be written off after a set number of years, even if you haven't repaid the total amount.The show host said graduates were able to claim money back if they had overpaid, which was 'very easy to do'However, when you start making repayments or when your student loan amount is written off will depend on when you went to University.
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