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A student loan is a loan that students can use to help pay for higher education. With the funds, students can pay for tuition, books, school supplies, and other living expenses associated with college.
To obtain a federal student loan, students applying to college can fill out the FAFSA (Free Application for Federal Student Aid), which is used to determine financial aid eligibility. While federal student loans are the most common type of loan, private student loans can also be obtained through banks or credit unions.
Typically, after a student graduates from college, they’re expected to start making repayment on the loan. For particular types of federal student loans, there is a 6-month grace period before payments are required.
There are various repayment plans available. Borrowers can learn about the repayment plans available to them by contacting their loan servicer.
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