student-loan

Vocabulary Word

Definition

A student loan is a type of loan designed to help students pay for post-secondary education and related fees. It's borrowing money for school, but unlike a scholarship, it has to be repaid.

Examples in Different Contexts

In budget management, managing student loan debt effectively involves creating a realistic budget, understanding interest rates, and making regular payments. A budget counselor might state, 'Effective management of your student loan is key to financial stability during and after your college years.'

Practice Scenarios

Tech

Scenario:

Our company believes in continuous learning opportunities for our employees. Financial aid for further studies can be a part of it.

Response:

Such a program could be highly beneficial. Making the provision for a student loan repayment aid would incentivize further learning.

Business

Scenario:

We are looking at implementing a program to assist our employees in paying off their educational debts.

Response:

That's a fantastic initiative, it would certainly help those with high student loan payments.