student loan

Definition

A loan offered to students which is used to pay off education-related expenses, such as college tuition, room and board at the university, or textbooks. Many of these loans are offered to students at a lower interest rate, such as the Perkins loan or Stafford loan. In general, students are not required to pay back these loans until the end of a grace period, which usually begins after they have completed their education.

Use student loan in a sentence

The student loan enabled the young person to earn a college degree they would not have if it were not for the loan.

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When the time came to pay back her student loans, the woman found herself working two jobs after graduating college.

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Jack was having a difficult time making the payments on his student loan when he was unexpectedly laid off from his job.

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