The United States gives financial aid to its students to help them achieve higher education, referred to as
Student loans.
What is Student loans?
Around 70 percent of students used this loan to pay their expenses.
Borrowers must repay these student loans with interest.
Among 48 million borrowers receive about
$1.75 trillion
in loans. Graduate schools will get about half of the student loans.
Eligibility:
Individual not making more than $125,000 and households not making
more than $250,000
is eligible for student loans.
1. Direct subsidized loans.
2. Direct unsubsidized loans.
3. Direct PLUS loans.
4. Direct consolidation loans.
Four types of student loans:
The federal government, private sources such as a bank/financial institution, or
other organizations provide the loan.
Facts about Student Loans:
A study by the
Brookings Institution,
around 40 percent of students who took out loans in 2004 may default by 2023.
They forgive the student loans
after ten years of repayment if the borrower loan amount is $12,000 or less.
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