No, in the UK there is no tax deduction on student loan repayments or even on the interest. In the US and some other countries this is possible, but in the UK you have to pay back the full amount. However, the rate of interest that you pay is kept lower than it would be on a bank or building society loan.

You don't have to start paying back your loan until you are earning over £15,000 a year. If you are working for an employer, the loan repayment will be taken out of your salary along with your tax and national insurance contributions, so you don't need to do anything. If you are self employed you have to set up a payment as you would for national insurance. Payments are set at 9% of anything you earn over £15,000, so the actual amount you have to pay every week or month is not very high.

You can find more information about student loan repayments here.