Understanding Student Loans: How They Work and Repayment

Student loans help students pay for university.

There are two parts: one for tuition, paid directly to the university, and another for living expenses, given to the student.

The amount you can borrow depends on your parents' income.

You start repaying the loan after you finish school, and only if you earn over a certain amount.

The payments come out of your paycheck, like a tax.

The amount you pay depends on how much you earn.

The loan is wiped after a set time, or if something happens to you.

It's not like a regular bank loan because it depends on what you earn.