Purpose
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Education loans cover tuition, books, and living expenses for students.
Eligibility
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Requires enrollment in an accredited institution and possibly a co-signer.
Types
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Options include federal, private, and state-sponsored education loans.
Interest Rates
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Vary by lender; federal loans usually have lower rates.
Repayment Plans
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Includes standard, graduated, and income-driven options for flexibility.
Forgiveness Programs
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Some borrowers may qualify for loan forgiveness in specific professions.
Credit Impact
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Timely payments can build credit; missed payments can harm it.
Borrow Wisely
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Borrow only what you need; explore scholarships and compare loans.