Martin Lewis urges people to heed warning which could hand them free £280

Martin Lewis has issued a student loan warning - urging anybody still paying it off to watch it. The Money Saving Expert founder spoke out on his return to the ITV show, the Martin Lewis Money Show, which aired from 8pm to 9pm on Tuesday (November 5).

Mr Lewis said: "This is worth everyone who's still paying off their student loan watching." Mr Lewis, the BBC Sounds and Spotify podcast host, has shared the “simple and easy” way millions of people can claim back money they have overpaid in student loan repayments.

Mr Lewis shared: "Are you one of over 1m people who overpaid their student loan last year? If so you can get your money, often £100s, back. My quick video briefing (including if it’s right for you to claim)… Courtesy of @ITVMLshow (Tues 8pm). Feel free to share with anyone it impacts."

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The Money Saving Expert founder explained the four ways you could have overpaid the loan during his ITV show on Tuesday (5 November). The financial guru said: “Over a million people are in that position, and you can get the money back.

“The average payout on student loan claims is £280. This is very big and very easy to do, and it's worth taking notes. To get this money back, you need to sign into your Student Loans Company account and there is now an online form you can fill out.”

"There are four ways you overpay [your student loan]," he told the show, adding: "The first and the biggest by a mile, over one million overpaid this way, you should only repay if you earn over the annual threshold. For example for Plan 2, which has the most number of people on it, 2012 to 2022 English starters.

"You've got to understand, if you earn less than that you shouldn't repay the student loan but because it's taken via the payroll your student loan is taken monthly. So if you earn more than that in a month, you're gonna have student loan contributions taken from you".

"If you work for only nine months of the year or you have some months with big commission, where you're earning over that amount, you will have repaid in a month even though your earnings are under the threshold," he said, adding: "Therefore you are able to claim this money back, over a million people are in that position."