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Learn about student loans and their importance.
What is a Student Loan?
A student loan is a type of loan that helps students pay for university education and its associated fees. These can be obtained from the government or from private-sector lending sources. Usually, students are required to pay back these loans as soon as they complete their education.
Types of Student Loans
Most students seek government loans first to fund their education. To obtain this type of loan, a student needs to start off by filling out the FAFSA. A credit check is usually not required, and the loan amount mainly depends on the school the student will be attending. After a student fills out the FAFSA, they might be suggested to apply to private-sector lenders to receive additional funds. These usually require a more standardized application and a credit check. Like with government loans, the loan amount depends on the school the student will be attending.
Benefits and Drawbacks of Student Loans
Quiz
Sources: https://www.investopedia.com/terms/e/education-loan.asp
https://www.youtube.com/watch?v=xpSgxABSxhQ
https://youtu.be/wRKVNiABc0w
https://quizlet.com/228630810
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