These loans are different from commercial loans in that they are highly subsidized by the government. Student loan programs differ from country to country in terms of their underlying objectives, funding sources, coverage, loan assignment procedures, and collection methods. Most of these student loans have built-in interest subsidies that are incorporated into the design of the loan programs. However, there is a gap between the loans granted and the recovery rate and this is especially true for those loans granted by non-governmental sources such as the banking system (Shen and Ziderman, 2009). Most student loan programs have undergone changes and reforms, from the traditional mortgage-based repayment model to repayment based on income contingencies (Shen and Ziderman, 2009). Additionally, as trends and attitudes change with technology, entire student loan models change as well. The transition to newer and updated patterns is important to recognize and reflect them