What is an Education Loan and How Does it Work

An education loan, also known as a student or study loan, is a financial product designed to assist students in covering the costs of higher education. This loan helps pay for tuition fees, books, supplies, living expenses, and other related costs. The borrower typically begins repaying the loan after completing their education, often with a grace period before repayment starts. Interest is charged on the borrowed amount, and repayment terms vary depending on the lender and loan type. Education loans enable students to access quality education without the immediate burden of full upfront costs.Readmore