You’ve done everything you needed to do to get into college: got good grades, talked to your guidance counselor, and filled out applications. But then comes figuring out how to pay for it.
Although you’ve likely heard of and applied for scholarships, you might be wondering where student loans come into play. Given the average cost of a four-year private college is $33,480 per year, loans are likely going to be part of financing your education. But, what is a student loan?
Here are the basics you should know about student loans and how they work.
What is a student loan?
A student loan is money that you borrow for college and pay back with interest. These college loans help pay for tuition, books, room and board, and other education-related costs.