Student/Education Loan
Specialized financing covering tuition and related educational expenses.
Detailed Description
Student/Education Loan
What are the main types of student loans?
The main types of student loans are federal student loans and private student loans.
How do federal student loans differ from private student loans?
Federal student loans typically offer fixed interest rates, flexible repayment options, and do not require a credit check, while private loans may have variable rates and stricter eligibility requirements.
What is the FAFSA and its purpose?
The FAFSA, or Free Application for Federal Student Aid, assesses financial need and determines eligibility for federal student loans and other financial aid.
What are income-driven repayment plans?
Income-driven repayment plans adjust monthly payments based on the borrower's income and family size, extending the repayment term up to 25 years.
What resources are available for borrowers managing student loans?
Borrowers can access resources from the U.S. Department of Education’s Federal Student Aid website, non-profit organizations, and financial literacy programs for guidance on managing student debt.