These loans are intended to cover students' tuition fees and living costs during their studies.Repayment of the loan begin only after the student completes his or her studies and begins to earn a salary higher than a defined threshold.If the graduate's income subsequently drops below this threshold, he or she ceases repaying the loan. After a defined number of year of employment, the loan becomes a grant (Gilboa & justman,2008).In Australia and New Zealand, where this policy is administered,