Students are over-paying their loans

£28.5m in student loan over-payments has been unclaimed by graduates. In a nine-year period, around 500,000 former students overpaid on their student loans, paying on average nearly £600 more than they owed. Over-payments are made due to the way information is shared about loan repayments. Traditionally, the Student Loan Company has received repayment information once a year, at the end of the tax year in April. This means that if a graduate repaid their loans during the tax year, for example in November, they will have been making over-payments for the rest of that tax year.