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I followed easy Martin Lewis tip and got £840 refund – simple check that reveals if you’re owed too

Find out if you could be affected below

A WOMAN has revealed how she received an £840 refund on a major pay-drain by following an easy Martin Lewis tip.

The Money Saving Expert estimates that more than a million Brits could be eligible for money back thanks to unnoticed overpayments.

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Over a million Brits could have overpaid their student loan last year, according to Martin LewisCredit: ITV

Fortunately, though, it is "very easy" to make a claim and get the missing money back in your account.

According to figures given to MSE by the Student Loans Company (SLC) around 1.1 million university leavers paid too much in the past tax year.

Speaking on his ITV show, Martin explained that there were four main reasons that this can occur:

  1. You paid in some months where your earnings were higher, despite not meeting the annual threshold
  2. You're on the wrong plan because your employer doesn't know which one you are eligible for
  3. You started repaying too only (i.e. before the April after you left your course)
  4. You paid after your loan has already

Happily, Martin's warning about the issue last year inspired many Brits to look into it, including MSE fan Kelly.

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Sharing her story with the site, she wrote: "[I] followed your advice about checking with the SLC if I'd overpaid.

"They are refunding me £840, which could not have come at a better time given an expensive vet bill coming up.

"I'd have never known this was a thing, so I've set an annual reminder to request it."

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And fellow viewer Lyndsey had a similar experience, recalling: "Thanks to watching Martin Lewis's programme last night I contacted the SLC and have got a refund of £706 as I had started paying straightaway.

"Great just before Christmas."

Tuition fee hike now active possibility amid university funding crisis - what it means for you

How do tuition fees work?

Most students pay for their studies through a loan from the SLC, which pays the fees directly to their university or college.

Once they have completed their studies, leavers begin to pay the loan back, with interest, from the next April (as long as they meet the thresholds for repayment).

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The self-employed must make regular repayments themselves and include these in their annual tax self-assessment.

In practice, this means basic rate payers are effectively taxed out of 37p in every pound they earn over the threshold - 20p on income tax, 8p on NICs and 9p for loan repayments.

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Interest is charged from the day you first receive the loan to the day it is repaid.

However, on most loan plans, the balance is written-off after 30 years.

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