What is a student loan and how does it work?
A loan is borrowed money that is repaid over the time. In addition to repaying the amount borrowed, most borrowers also have to pay a fee, called interest. A student loan is used to pay for college costs.
what is the student loan debt in the united states?
Americans owe $1.5 trillion in student loans. We hit this milestone during the first quarter of 2018, according to Federal Reserve data. Outstanding student debt currently exceeds auto loan debt ($1.1 trillion) and credit card debt ($977 billion)