Thousands of graduates are being encouraged to check if they could be due a refund on their student loan repayments for the last financial year.

Latest figures from the Student Loans Company revealed that more than 833,000 former students could be owed money following overpayments.

The refunds apply to graduates who ended up below the threshold for repayments in the tax year, but still had money taken out of their pay.

The tip was shared by one graduate on TikTok, who managed to reclaim £400 from student loan overpayments.

@siobhan_oconnor Get calling the Student Loans Company gang #fyp #martinlewis #student #studentloans #fyp #viral ♬ original sound - Siobhan

Siobhan O’Connor said: “Yesterday I made a five-minute phone call that led me to receiving £400 in my bank account.

“If you went to university and had a student loans, then this is for you.

“Martin Lewis, the Money Saving Expert, used the freedom of data act and found lots of us have overpaid on our student loans.

“If you call the Student Loans Company and ask them ‘have I overpaid’ they can look for how much you have overpaid and then arrange for that money to be transferred to your bank account.

“The student loan is not a loan you want to pay off early.

“It is the lowest interest loan you will ever get and gets written off if you do not pay it off in a certain time.”

How to claim a Student Loan refund

To claim a refund on your student loan, you should contact the Student Loans Company (SLC).

The SLC have introduced a refund request form, which you can access here, for graduates who think they may have fallen under the threshold for repayment.

Once completed, you should return it to and you will receive an automatic reply confirming the form has been received.

If you think there may be another reason you are owed a student loan refund, you can contact the SLC on 0300 100 0611 if you live in England, Northern Ireland and Scotland, or on 0141 243 3660 if you live in Wales.

Anyone outside of the UK should contact 0300 100 037.

The SLC said they aimed to process refunds as soon as possible when overpayments have occurred, with the money landing in bank accounts around 10 days after the request is approved.