What is Student loan?
A '''student loan''' is money given to [[student]]s to pay for their [[education]]. The student must return this money later, usually with [[interest]]. This loan may pay for [[Tuition payments|tuition fees]], books, supplies, or living expenses. In some countries, college or [[university]] education is free, but in others, the price is very high. This means student loans are much more important in some countries than others.<ref>{{cite web|url=https://www.businessinsider.com/cost-of-college-countries-around-the-world-2018-6|title=Here's what college costs in 28 countries around the world|publisher=[[Business Insider]]|last=Warren|first=Katie|date=June 18, 2018|access-date=February 23, 2024}}</ref> If a student cannot pay for their education, they may also apply to get a [[scholarship]]. Student loans may be given by state-owned or private companies. State-owned companies will sometimes pay all interest while the student is in school. This is called a subsidized loan. The simplest type of [[loan]] is time based repayment, meaning a person must pay the same amount of money each month. Another type is income contingent loans, in which the amount of money to be paid depends on the person's [[income]]. This helps the recipient if they have no job, or their job doesn't pay enough.<ref>{{cite web|url=https://www.ucl.ac.uk/ioe/research-projects/2022/jan/global-look-student-loans|title=A global look at student loans|publisher=[[University College London]]|last=Farmer|first=Catherine|date=October 21, 2020|access-date=February 23, 2024}}</ref> [[Student debt]] is the money owed from student loans. == Related pages == * [[Scholarship]] * [[Mortgage]] * [[Credit card]] == References == {{reflist}} [[Category:Education]] [[Category:Finance]] {{stub}}