What Is a Student Loan?

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A student loan is borrowed money, much like a car loan or a home loan, from a financial institution that needs to be paid back after graduation. Understand the differences between student loans and other types of loans with helpful information from a financial aid officer of a university in this free video on education.

Part of the Video Series: Federal Financial Aid
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Video Transcript

Hi my name is Brooke Kramer and I am the financial aid officer with Argosy University in Salt Lake City and today we're going to talk about what is a student loan. And pretty much a student loan is a loan is just like a car loan or a home loan, it is money that is given to a student and a student will have to pay it back to that lending institute usually with interest. And interest is going to be a percentage of that payment you received. Now it's very important to know that loans you do have to repay even if you don't like the institute you're attending, even if you drop out, you do have to repay back loans. Now the first thing you'll want to do is to first complete the free application for federal student aid and this will let a school know whether or not you qualify for federal student loans. If you have additional questions regarding Pell grants you can visit our website at www.argosy.edu.

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