Yes, this is where you make a payment towards the sum you owe to us which is over and above your normal contractual monthly repayment amount. There is no limit to the number of overpayments you can make during the term of your loan and there is no minimum or maximum amount you can pay. You will be entitled to a rebate of some of the interest due.
Depending on the amount of your overpayment, we will either reduce the value of your final repayment or reduce the term AND the value of your final repayment. Other than these changes, your normal scheduled payment amount will remain the same.