Student Debt

02What People Think

"Education pays for itself."

03What’s Underneath

Borrowing can make study possible before a person has the income to fund it. The hoped-for return arrives later through skills, qualifications and access to work.

That return varies with completion, course, labor market and individual circumstances. The loan's obligations depend on its terms and the system behind it. Some arrangements link payments to income; others require payments on a fixed schedule.

Two graduates with similar balances can therefore face very different monthly pressure. The amount borrowed is only the beginning of the comparison.

04The Game

Who carries the risk if the expected earnings arrive late or fall short, and how does the repayment system distribute it?