What is the ruling on taking out a student loan with a small interest rate, then having a portion of it (40%) forgiven and the remaining portion (60%) repaid with interest, such that the amount repaid is less than the original value of the loan?

The European Council for Fatwa and Research issued a fatwa permitting Muslim students in Europe to benefit from student loans provided by European countries to their citizens, to help them cover tuition fees and living expenses, provided that these loans are without usurious interest tied to a cost-of-living index. This is because they are originally free from usurious increment, and the laws regulating them consider the student's interest and ability to pay. The student is only required to pay after securing employment with an average income, and then installments are taken according to a tax system that considers the income percentage.