University graduates to get refunds due to student loan mistakes

The Student Loans Company found two mistakes.

Many university graduates will get refunds because their student loan balances were wrong.

The Student Loans Company found two problems with some loans. These loans are for undergraduate courses that started between 2012 and 2022.

One mistake was a technical issue that used the wrong income information to calculate interest. The other mistake was due to an error in income reporting from HMRC.

A total of 71,000 people were affected by these mistakes. 41,000 people had their loan balance increased by mistake, and 30,000 had theirs decreased.

The Student Loans Company will contact customers who were affected. If you paid too much, you will get a refund.

If your balance went down but you didn't overpay, you won't get a refund. Instead, your account will be corrected with the right interest.

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The Student Loans Company fixed the mistakes. Any changes to your balance will be shown in your next annual statement.

An SLC spokesperson said they are contacting some customers to correct their loan balances.

The customers who were affected don't need to do anything. The regular repayment amounts will not change.

This news comes after it was announced that interest rates on some student loans will be capped.

Plan 2 student loans have an interest rate of 6.2% while students are in school.

After students finish their course, the interest rate depends on how much they earn.

From September, interest rates will be capped at 6%.

Many students say their student loan debt is growing every year despite making regular payments.

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