Student loans company overcharges 1000s of students
There is a large number of University graduates that are having to be reimbursed by the student loans company (SLC).
The BBC has reported that around £107million has been repaid in total to graduates who were wrongly charged. So why have students been overcharged?
Put simply, the student loans company actually continued to charge students who had already completed their loans payment. Just last year £22million was overpaid which is an alarming figure.
According to the BBC “one graduate overpaid £96,000 but the Student Loans Company insisted that £557 was the average.”
The Student Loans company or SLC have attempted to justify the overcharging by siting reasons such as, a lag in data for payments and not knowing how much is overpaid until calculations at the end of the final year are carried out.
Many students have commented on the system as clearly flawed and it has also emerged that The SLC received around 6,000 complaints last year. Claiming the money back and also cancelling payments to them is a long drawn out process and can frustrate as well as cause stress for graduates.
Some students are forced to jump through hoops in order to claim back the money that was wrongly charged to them.
This, along with the poor management of student loans in the last academic year does not look good for the Student Loans company. Surely there needs to be a redesign of the system in order to cut down complaints and help students out.