Just 2 per cent of UK graduates who were owed a refund on their student loans after making payments when earning below the minimum annual threshold claimed it back last year, figures reveal.
The data, obtained by a Freedom of Information (FOI) request from Save the Student, revealed that 856,000 graduates made repayments to the Student Loans Company (SLC) in 2021-22 despite earning below the minimum annual threshold.
A change in income – such as working extra shifts, receiving a bonus or moving to a better-paid role part-way through the year – means that a graduate could cross the weekly or monthly threshold but still fall below the annual threshold at the end of the year, making them eligible for a refund.
The figures showed that those earning below the threshold repaid £102.5 million last year – up from £95.1 million in 2020-21, and £97.9 million in 2019-20.
