🎓 Big news for uni grads from 2012 to 2022! 🎓
Thousands of UK graduates might be getting some money back due to errors in student loan calculations! 💰 The Student Loans Company (SLC) has discovered mistakes that led to inflated loan balances for about 41,000 people. These hiccups were due to a technical fault with income data and a reporting error by HMRC for those using both PAYE and self-assessment.
👉 If your loan was affected, the SLC will get in touch. If you overpaid, a refund is on its way! However, if your balance was undercharged, there won’t be any refunds, but your loan balance will be corrected. No worries if you’ve paid off your loan completely—you’re not required to start repayments again.
The corrections will appear in your next annual statement, expected before the end of September. Altogether, about 1.3% of plan two loans were impacted.
The SLC apologises for any inconvenience and assures that no further action is needed on your part. Your repayments will continue as normal—just a little lighter if you overpaid!
In other news, there’s also an interest rate cap for plan two and three loans for the 2026-27 academic year, offering some breathing space for students and grads managing their debt.
Spread the word to your fellow grads—they could be in for a pleasant surprise! 📢💼
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