• Tuition fees

• Accommodation

• Books and materials

• Examination fees

• Travel (especially for studying abroad)

• Living expenses (in some cases)

1. 1. You apply through a bank, government program, or financial institution.

   2. The lender pays the school directly or gives the funds to you.

   3. You begin repayment either:

      • Immediately, or

      • After graduation (grace period)

• • • Principal – Amount borrowed

    • Interest rate – Often lower than personal loans

    • Loan term – Can range from 3 to 15+ years

    • Grace period – Time after graduation before repayment starts

    • Guarantor – Often required (parent or sponsor)

• Undergraduate student loans

• Postgraduate student loans

• Study-abroad loans

• Government-backed student loans

For example, in the United States, federal student loans are offered through the U.S. Department of Education.
In the United Kingdom, loans are provided by the Student Loans Company.

• • Some loans require a co-signer or guarantor

  • Interest may accumulate while you are still studying

  • Failing to repay can affect your credit record