There are many different ways students and their families can pay for their higher education. Maybe you got a scholarship that will cover costs, or your parents are paying for it from their savings or a 529 account. If you’re paying for college on your own with a student loan, you’re not alone! Loans are one of the most popular and widespread methods to cover college costs.
Taking out a student loan can provide comfort and security if you pay for your education independently. With the amount dispersed at the beginning of the semester, students can budget out how much is needed to pay for costs such as books, living expenses, food, etc.
There are many different types and terms to be aware of when it comes to understanding student loans, so let’s break it all down together.