There significant differences between socialism and the old Communist Russia. Remember, Russia was Communist not socialist - no matter what they are trying to teach now.
There are many more differences between socialism and our federal Republic. The proposed EU constitution would try to bring the European countries into similar federal republic - but a very socialist-leaning one.
As to the loan situation, that is good news. Hopefully you can learn what you need to get a good job when you graduate - so you can pay them off more quickly! I'm almost done paying mine off.