A Martin Lewis follower has revealed how she recovered more than £2,000 after settling her student loan. Daniela, who resides in Loughborough with her husband and two children, was featured on the Martin Lewis Money Show to discuss her 'student finance win'.
How the Overpayment Happened
To qualify as a maths teacher, Daniela needed to borrow £16,000 for her degree and an additional £9,000 for her teacher training. She described how she was watching the Martin Lewis Money Show in November when the finance expert highlighted that over a million students have overpaid their student loans.
Daniela noted there were numerous reasons cited, including gaps in employment. She said: 'In the last few years I had to give up my job when I had my eldest child.'
Acting on the Advice
'Once Martin shared that you could possibly have overpaid a student loan, I acted instantly,' Daniela explained. She simply accessed her student finance account, examined her statement, and submitted a refund request. Within 48 hours of her application, she was told she would get a refund of £2,213. 'It was a pinch-me moment. I was seven months pregnant. I'm not working, I don't get an income. Having that money was really helpful,' she added.
Common Causes of Overpayment
The Money Saving Expert (MSE) website advises that 'reclaiming overpayments often only takes minutes'. Common causes of overpayment include continuing to make repayments despite not having reached the earnings threshold, being registered on the incorrect student loan plan, deductions continuing after the loan has been fully settled, and beginning repayments ahead of schedule. Thousands of borrowers could be owed cash from such errors.
