A loan is a debt, which entails the repartition of financial assets over time, between the lender and the borrower. The borrower receives an amount of money from the lender, which should be paid back to the lender. The cost of the service depends on interest on the debt.
College student loan is a loan offered to students to assist in payment of professional education. It doesn't matter if you are graduate or undergraduate student. You can borrow money in all cases. Parents may also borrow to pay the cost of education for dependent undergraduate students. Maximum loan amounts depend on the student's year in college. These loans usually carry lower interests than other loans and are usually offered by the government. Often they are supplemented by student grants which do not have to be repaid.
The cost of professional education rises every year that is why today, student loans are a fact of life.
The key role belongs to the government as in any government sponsored program. While included in the term "financial aid" professional education loans differ from scholarships and grants in that they must be paid back. College student loans provide a variety of postponement options and extended repayment terms and do not require credit checks or collateral.
The federal funds for education are limited and government and private lenders give the students flexibility in choosing the type of college that is right for them.
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