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Increased popularity of student loans since the 1960s has stimulated research on both theoretical and empirical issues Characteristics of Student Loans The basic characteristic of all student loan schemes is that students are offered the chance to borrow money to help them finance tuition costs or living expenses. After completing their studies, graduates must repay the amount borrowed, with or without interest. Although all loan schemes share this basic characteristic, there are important differences in the way different programs are administered, particularly in terms of (1) whether loan programs are operated by the government, independent agencies, banks, or higher education institutions; (2) the level of interest charged, and whether this is subsidized (i.e., lower than commercial or m...