Martin Lewis warns one million people 'you overpaid last year'

Martin Lewis has issued a warning to one million people who've "overpaid". Speaking on ITV last night, Money Saving Expert founder Mr Lewis has warned that more than a million Brits could be owed a refund after overpaying their student loans.

Mr Lewis said: "Are you one of over 1m people who overpaid their student loan last year? If so you can get your money, often £100s, back. My quick video briefing (including if it’s right for you to claim)…" Speaking on ITV's The Martin Lewis Money Show Live, Mr Lewis said: "There are four ways you overpay [your student loan].

The first and the biggest by a mile, over one million overpaid this way, you should only repay if you earn over the annual threshold. For example for Plan 2, which has the most number of people on it, 2012 to 2022 English starters, you've got to understand, if you earn less than that [£27,295] you shouldn't repay the student loan but because it's taken via the payroll your student loan is taken monthly.

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A twelfth of that is £2,274 per year, so if you earn more than that in a month, you're gonna have student loan contributions taken from you." He continued: "If you work for only nine months of the year or you have some months with big commission, where you're earning over that amount, you will have repaid in a month even though your earnings are under the threshold.

"Therefore you are able to claim this money back, over a million people are in that position." Mr Lewis said that anyone who thinks they may be paying more on their student loans for this reason should visit the Student Loan Company website and fill out a form requesting their money back.

The second reason why people are paying too much on their student loan is because they are on the wrong repayment plan. The third reason was that people still have money deducted from their salary even after their student loan is fully repaid.

The fourth and final reason was because people had begun paying their loan less than nine months after they graduate - which is too soon.