Latest news with #overpaid
The Sun
4 days ago
- Business
- The Sun
Could you be owed £1,000s in overpaid loans? 15-minute check to get a hefty refund
FORMER University students could be owed £1,000s in overpaid loans - here is how to check if you can get a refund. In the last tax year, over one million third level education leavers overpaid their student loans, according to figures released by the Student Loans Company (SLC). 1 But there are a number of reasons you may have been overcharged on your loan. According to MoneySavingExpert, this includes beginning to repay the loan during some months, despite not earning enough in the full year. You are only required to pay your loan back once your income exceeds a certain annual threshold. This varies depending on what type of plan you were on when you started university. There are five plans in total. For example, those on Plan 1, who attended university between 1998-2011 are required to earn a minimum of £26,065 before they begin paying back their loan. Minimum earnings thresholds vary from plan to plan, with those on Plan 2 who attended university between 2021-22 being required to earn £28,470 before they start making repayments. The blog said that if your earnings vary throughout the year, i.e. if you received a bonus, this could lead you to start making repayments before you are actually required to. Another reason you may have overpaid is if you were put on the wrong plan. This can happen if you filled in the student loan section of the HM Revenue & Customs (HMRC) starter checklist form wrong. Martin Lewis reveals little-known suncream tip You can check which plan you are on by visiting the website. Alternatively, you may be overcharged if you began repaying your loan too early or you had money deducted after the loan was fully repaid. How to get a refund if you have overpaid If you think you have been overcharged, you can get the money back and there a few ways you can go about this. The blog said that former students who began repaying the loan despite not meeting the earnings thresholds can request a refund online. This is done via the government's Student Loan Company (SLC) online portal. To do this, you will need to sign in to your online repayment account and select 'request a refund'. Once you've requested a refund through your online account, it will be processed in 28 days. The money will get paid into your bank account. It is also worth nothing that this only applies for tax years up to 2023-24. More ways to claim Alternatively, students can speak to their employer or call the SLC. This may be applicable if you entered the wrong plan when filling out an HMRC starter form. Ahead of your call, you can check what plan you are on in your online account and download an 'active plan type letter". You can call on 0300 100 0611 to discuss the matter with the SLC. You can also call the helpline if you began repaying your loan too early. The MSE blog said: "When you get through, explain your situation and ask to reclaim the money you're owed. "To make the process smoother, before ringing see if you can dig out any old payslips, your payroll number, and/or your PAYE reference number." There is no restriction on how far back you can claim, so if you think you may have been affected years ago you can still ring up. If you had money deducted after the loan was fully repaid, HMRC should pay you back this money automatically, Readers of the blog have claimed back as much as £3,773 by using these methods. One said: "Thank you so much. I knew something wasn't right when I lodged my tax returns and reading Martin's article was the catalyst for a sustained attempt to work out what had happened. I received £3,773 back." While another said the process only took 15 minutes. They explained: "I spent 15 minutes on the phone and got £555 back for overpayments on my student loan. "Most was because of my maternity leave. Thanks so much, couldn't have come at a better time." How student loan plans work If you wish to attend university you may take out a loan to help cover the costs. The loan is paid directly to the university or college on your behalf. Repayments start from the first April after you finish or leave your course. You repay 9% of your income above the repayment threshold. This means that the majority or basic-rate taxpayers lose 37p for every £1 they earn above the threshold - 20p as income tax, 8p as national insurance and 9p for a student loan. Your repayment threshold will vary depending on when you studied at university. Interest is charged on your loan from the day you receive the first payment until it is repaid in full. How the different student loan plans work HERE'S the rules and repayment thresholds for all the different student loan plans: Plan one You're on Plan 1 if you're: an English or Welsh student who started an undergraduate course anywhere in the UK before 1 September 2012 a Northern Irish student who started an undergraduate or postgraduate course anywhere in the UK on or after 1 September 1998 an EU student who started an undergraduate course in England or Wales on or after 1 September 1998, but before 1 September 2012 an EU student who started an undergraduate or postgraduate course in Northern Ireland on or after 1 September 1998 You'll only repay when your income is over £382 a week, £1,657 a month or £19,895 a year (before tax and other deductions). Plan two You're on Plan 2 if you're: an English or Welsh student who started an undergraduate course anywhere in the UK on or after 1 September 2012 an EU student who started an undergraduate course in England or Wales on or after 1 September 2012 someone who took out an Advanced Learner Loan on or after 1 August 2013 You'll only repay when your income is over £524 a week, £2,274 a month or £27,295 a year (before tax and other deductions). Plan four a Scottish student who started an undergraduate or postgraduate course anywhere in the UK on or after 1 September 1998 an EU student who started an undergraduate or postgraduate course in Scotland on or after 1 September 1998 You'll only repay when your income is over £480 a week, £2,083 a month or £25,000 a year (before tax and other deductions). Postgraduate loan an English or Welsh student who took out a Postgraduate Master's Loan on or after 1 August 2016 an English or Welsh student who took out a Postgraduate Doctoral Loan on or after 1 August 2018 an EU student who started a postgraduate course on or after 1 August 2016 If you took out a Master's Loan or a Doctoral Loan, you'll only repay when your income is over £403 a week, £1,750 a month or £21,000 a year (before tax and other deductions).
Yahoo
5 days ago
- Sport
- Yahoo
76ers' Joel Embiid named most overpaid player in NBA due to one reason
76ers' Joel Embiid named most overpaid player in NBA due to one reason originally appeared on The Sporting News It's almost unfair to suggest that Joel Embiid is a bust, overpaid, or many other things that fans and the media like to call him. Ultimately, some 76ers fans will suggest that Embiid's career hasn't gone exactly how they've wanted it to, but that doesn't take away from the fact that when he's on the court, he's arguably the best player in the NBA. However, with his injury history and questions heading into the 2025-26 season, some are uncertain how to feel about Embiid. That includes Ricky O'Donnell of SB Nation, who recently named him one of the most overpaid players in the league. Embiid has four years and $243 million left on his contract, and if he isn't on the court, it'd be tough to argue against that. "Embiid was playing like the best player in the NBA until he went down with a knee injury Jan. 2024. The big man hasn't been the same since, and only played 19 games this past season as he tried and failed to get healthy. Embiid turns 32 in March, and has dealt with back, foot, and knee injuries since he entered the league. "The Sixers should be competing for championships right now with Embiid in his prime, but instead his body is already breaking down before he's ever put together a signature playoff run. If he can't get on the floor and get back to something close to his peak level, Embiid is suddenly looking like the worst contract in the NBA," he wrote. MORE:76ers' two-time All-Star tabbed as midseason trade candidate Now, nobody would be upset even if Embiid just plays in the postseason and helps the 76ers win a championship. Of course, many would love to see him come back out and win an MVP during the regular season, but the goal is for the 76ers to win a championship. As long as he's healthy during the postseason, which sounds like a long shot at times, everybody would be content at this point.
Wall Street Journal
14-05-2025
- Business
- Wall Street Journal
What if Your Salary Is Too High for Today's Job Market?
All of us like to think we are worth every penny of our paychecks—and then some. Many Americans who scored big raises a few years ago are coming to the harsh realization that they are overpaid in today's cooler job market. It's not that they are failing to live up to the deals they signed. It's that wages have fallen in tech and other industries while the expansion of pay transparency laws makes it hard to ignore this truth.
