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1716143
registered interest false more like this
date less than 2024-05-07more like thismore than 2024-05-07
answering body
Department for Education more like this
answering dept id 60 remove filter
answering dept short name Education more like this
answering dept sort name Education more like this
hansard heading Students: Loans more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Education, what estimate her Department has made of the average length of time the Student Loans Company takes to refund people who have made an overpayment on their student loan. more like this
tabling member constituency Kingston upon Hull West and Hessle more like this
tabling member printed
Emma Hardy more like this
uin 24995 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2024-05-15more like thismore than 2024-05-15
answer text <p>The Student Loans Company (SLC) has a Service Level Agreement of 28 days to make a refund to people who have made an over repayment on their student loan. Based on telephone requests from January to March 2024, the SLC averaged 8 days from the point the request was received to the point the refund was paid to the borrower’s bank account.</p><p> </p><p>Student loans repayments for borrowers resident in the UK are made via HMRC through the UK tax system. Employers deduct repayments each pay period for employees with a student loan when their earnings are above the relevant repayment threshold for that pay period.</p><p> </p><p>Over repayments can occur for a number of reasons, for example the time lag between an employer making a PAYE deduction and HMRC receiving and sending that payment to SLC, which can then confirm that a borrower has paid off their student loan balance. HMRC provides the SLC with student loan repayment information as reported by employers on a weekly basis. For this type of over-repayment, the SLC can automatically make a refund of £5,000 where they are able to verify a borrower’s bank account details.</p><p> </p><p>SLC provide borrowers with the option to switch to repayments via direct debit when they are nearing the end of their loan repayments. This prevents overpayments entirely.</p>
answering member constituency Thornbury and Yate more like this
answering member printed Luke Hall more like this
grouped question UIN 24996 more like this
question first answered
less than 2024-05-15T11:47:52.373Zmore like thismore than 2024-05-15T11:47:52.373Z
answering member
4450
label Biography information for Luke Hall more like this
tabling member
4645
label Biography information for Emma Hardy more like this