What are Student Loans?
Student loans are financial aid designed to help students pay for their education. These loans can cover tuition, room and board, and other educational expenses. They can be federal or private, each with different terms and conditions.
Types of Student Loans
- Federal Student Loans: These loans are funded by the government and typically have lower interest rates and more flexible repayment options.
- Private Student Loans: These loans are offered by private lenders and may have higher interest rates and less flexible repayment terms.
Understanding the differences between these loans is essential for students to manage their education financing effectively.
