We have nearly the exact same system in the US. Federal loans (90% of student loans) are paid directly by the government, and come with income based repayment

We have nearly the exact same system in the US. Federal loans (90% of student loans) are paid directly by the government, and come with income based repayment plans capped at 10% of disposable income. The debt is cancelled after 20 years, so if you don't find a decent job, you'll pay very little. There is interest though.