An education loan is money borrowed to finance education or school related expenses. Payments are often deferred while in school and for a six-month grace period after graduation
Education loans are loans issued for the purpose of attending an academic university and pursuing an academic degree. Education loans can be obtained from the government or through private sector lending sources. loans often offer lower interest rates. Some also offer subsidized interest. Private sector loans generally follow more of a traditional lending process for application with rates typically higher than government loans.