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Student Loans

Student loans are a financial instrument that can be used to borrow money for educational expenses, typically at a postsecondary level, such as tuition and fees, books, and living expenses. Education loans are a means to finance human capital investments and can aid students’ attempts to acquire knowledge and skills by providing money to pay for college. Benefits of college can include not only private rewards, such as higher earnings and better health, but also social benefits, such as reduced crime and more civic participation. This entry will cover how typical student loans work and the decisions to borrow, lend, and repay, and it will conclude with an overview of the education credit market.

How Typical Student Loans Work

Borrowers initially receive funds from lenders, and in ...

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