Student loan payment readjustments

jennifergb

I'm looking to pay off my student loan as quickly as possible. I was wondering whether the outstanding balance and interest added would be adjusted each time I pay a sum of money back or whether the balance is adjusted once a year, say the end of the tax year.

Whilst I am eager to make repayments as any interest on money I have managed to save since graduating last year does not outweigh money I'm losing in added interest building on my huge loan, I don't want to lose out twice by giving over money and not having it deducted straight away and then losing any money I would have made leaving my savings it to sit in the bank.

Does anyone know if repayments are deducted from the student loan total as soon they are made?

Thanks

Jen