Student Loans

Student loans are borrowed money provided to students to pay for education expenses. Like all debt, it needs to be paid back.

It’s like borrowing a book from a library for your education. Imagine you want to read a valuable book (get an education) that you can't afford to buy right now. The library (loan provider) lets you borrow the book (funds for education), so you can read and learn now. However, just like a library book, you have to return it later.

Student loans help you 'read the book' (get an education) now, with the agreement that you'll 'return it' (repay the loan) after you've finished reading (graduated and started working).