A student loan is also known as an education loan and is used as financial aid for students. These loans do have to be paid back at a later agreed date. It is the student scholarships that do not have to be repaid as these are considered grants given to the students who qualify.
There are not many students who go into further education that do not need a student loan of some sort. The loan they get may fall into the following categories below.
Federal student loans: These are loans that are issued directly to the student and issued by the Government. These loans are usually fairly small in terms of amount and the payments can be defaulted to a later period.
Parent loans: These are loans for the student that is paid to the parents or carers of the student in question. These are usually higher in the term of sum of money that can be borrowed, and payments have to start being made on receipt of the loan. These are also federally issued loans. It is worth noting that it is the parents who have to pay back these loans not the students. This is not a loan where […]

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