A loan
offered to students which is used to pay off education-related expenses, like
college tuition, room and board at the university, or / text books.
Many of these
loans are offered to students at a lower interest rate, like the Perkins loan
or / Stafford loan.
In general,
students are not required to pay back these loans until the end of a grace
period, which usually begins after they have completed their education.
Due to the
rising cost of higher-level education, most students turn to Education Loans
to assist in paying for their college education. It is also called Student
Loans.
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