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Everything To Know About Student Loans

Student Loans

Student loans play a significant role in higher education, allowing countless students to pursue their academic dreams and embark on rewarding careers. However, navigating the world of student loans can be overwhelming and confusing for both students and their families. It’s crucial to understand the ins and outs of student loans to make informed decisions and avoid potential financial pitfalls in the future.

This comprehensive guide aims to provide you with everything you need to know about student loans, from the types of loans available to the application process, managing your loans, and the long-term impact they can have on your financial well-being.

Whether you’re a prospective student or already carrying student loan debt, this knowledge will empower you to make smart choices and take control of your educational finances.

So, let’s delve into the world of student loans and equip ourselves with the essential information needed to navigate this complex terrain.

Everything To Know About Student Loans

Student loans are a crucial financial resource for many individuals pursuing higher education. Whether you’re a prospective student or a parent looking to support your child’s educational aspirations, understanding the ins and outs of student loans is essential. This comprehensive guide will provide you with all the information you need to know about student loans, including types of loans, repayment options, interest rates, and tips for managing your student debt.

  • Types of Student Loans: There are two primary types of student loans: federal loans and private loans.
    • Federal Loans: These loans are provided by the U.S. Department of Education and offer benefits such as fixed interest rates, income-driven repayment plans, and potential loan forgiveness options. The main types of federal loans include Direct Subsidized Loans, Direct Unsubsidized Loans, and Direct PLUS Loans.
    • Private Loans: Private loans are offered by banks, credit unions, and other financial institutions. They typically have higher interest rates compared to federal loans and may require a credit check or a cosigner. Private loans should be considered after exhausting all federal loan options.
  • Applying for Student Loans: To apply for federal student loans, you must complete the Free Application for Federal Student Aid (FAFSA). The FAFSA determines your eligibility for various types of financial aid, including grants, work-study programs, and federal loans. Private loan applications usually involve contacting lenders directly and providing necessary financial information.
  • Interest Rates: The interest rates on student loans can vary depending on the loan type and whether they are federal or private. Federal loan interest rates are set annually by the government and are generally lower than private loan interest rates. Private loan interest rates are typically influenced by creditworthiness, market conditions, and the lender’s policies.
  • Repayment Options:
    • Federal Loan Repayment Plans: Federal loans offer various repayment plans, including Standard Repayment, Graduated Repayment, Extended Repayment, and Income-Driven Repayment (IDR) plans. IDR plans adjust your monthly payments based on your income and family size, making them more manageable for borrowers facing financial difficulties.
    • Private Loan Repayment: Private loans may have different repayment options depending on the lender. It’s crucial to carefully review the terms and conditions before borrowing. Some private lenders may offer flexible repayment plans or options for deferment or forbearance, but these are generally less generous than federal loan options.
  • Loan Forgiveness and Discharge:
    • Public Service Loan Forgiveness (PSLF): PSLF is a federal program that forgives the remaining balance on eligible federal loans after 120 qualifying payments while working full-time for a qualifying employer, such as a government or nonprofit organization.
    • Other Loan Forgiveness Programs: There are additional loan forgiveness programs available for specific professions, such as teachers, nurses, and military personnel. Researching and understanding these programs can help borrowers reduce their loan burden.
  • Managing Student Loan Debt:
    • Create a Budget: Develop a budget to track your income and expenses, allowing you to allocate funds for loan repayments and other essential needs.
    • Consider Loan Consolidation or Refinancing: Consolidating multiple loans into a single loan or refinancing your loans can simplify repayment and potentially lower interest rates. However, be aware of the potential trade-offs, such as losing federal loan benefits if you refinance federal loans into a private loan.
    • Seek Financial Assistance: If you’re facing financial hardship, contact your loan servicer to explore options like deferment, forbearance, or income-driven repayment plans.

Student loans can be a valuable tool for accessing higher education, but it’s crucial to understand the terms, repayment options, and potential consequences.

Types Of Student Loans

Federal Student Loans

When it comes to financing higher education, federal student loans are a popular choice for many students and their families. These loans are provided by the U.S. Department of Education and offer several advantages over private loans, including lower interest rates, flexible repayment options, and certain borrower protections. Here are the key types of federal student loans:

  1. Stafford Loans: Stafford loans are the most common type of federal student loans. They are available to both undergraduate and graduate students. There are two subtypes of Stafford loans: subsidized and unsubsidized.
    • Subsidized Stafford Loans: These loans are awarded based on financial need, and the government pays the interest while the borrower is in school, during the grace period, and during authorized deferment periods.
    • Unsubsidized Stafford Loans: Unlike subsidized loans, unsubsidized Stafford loans are not based on financial need. Interest begins accruing from the time the loan is disbursed, and borrowers are responsible for paying the interest throughout the life of the loan.
  2. Perkins Loans: Perkins loans are designed for students with exceptional financial need. They offer a low fixed interest rate and are administered directly by the student’s school. However, it’s important to note that the Perkins Loan program was discontinued after September 30, 2017, although some borrowers may still be eligible for Perkins loans if they previously received them.
  3. PLUS Loans: PLUS loans are federal loans available to graduate students and parents of dependent undergraduate students. They offer a higher borrowing limit than Stafford loans and can cover the total cost of attendance, minus any other financial aid received. It’s worth mentioning that PLUS loans require a credit check, and interest rates may be higher compared to other federal student loans.

Federal student loans provide certain advantages over private loans. They typically have lower fixed interest rates, flexible repayment plans, and options for loan forgiveness or income-driven repayment plans based on the borrower’s income. Additionally, federal loans come with borrower protections, such as deferment and forbearance options, as well as potential eligibility for loan consolidation.

Understanding the different types of federal student loans is essential when planning for college or graduate school expenses. By considering federal loan options and carefully evaluating their terms and benefits, students can make informed decisions about financing their education while minimizing the financial burden in the long run.

Private Student Loans

In addition to federal student loans, private student loans are another option for financing higher education. Private loans are offered by banks, credit unions, and other financial institutions, and they can provide additional funds to cover educational expenses not met by federal loans or other forms of financial aid. Here’s what you need to know about private student loans:

  1. Interest Rates and Terms: Unlike federal loans, private student loans have variable interest rates, which means the rates can fluctuate over time based on market conditions. The interest rates offered by private lenders may vary depending on the borrower’s creditworthiness and other factors. It’s important to carefully review and compare the interest rates, terms, and conditions of different lenders before selecting a private loan.
  2. Credit Score Requirements: Private lenders typically require borrowers to have a good credit history or a cosigner with good credit to qualify for a private student loan. Your creditworthiness plays a significant role in determining the interest rate you’ll be offered. Having a higher credit score can help you secure more favorable loan terms, including lower interest rates.
  3. Co-signers: Many private lenders require a co-signer, especially for students who have limited credit history or no credit at all. A co-signer is typically a parent, guardian, or another creditworthy individual who agrees to share the responsibility of repaying the loan. Having a co-signer with good credit can increase your chances of approval and potentially result in more favorable loan terms.
  4. Repayment Options: Private student loans often have fewer repayment options compared to federal loans. However, some lenders may offer flexible repayment plans, such as deferred payments while you’re in school, interest-only payments, or immediate full principal and interest payments. It’s important to carefully review the repayment terms and understand your obligations before accepting a private student loan.

When considering private student loans, it’s crucial to exhaust all federal loan options first, as federal loans generally offer more favorable terms, borrower protections, and repayment options. Private loans should be considered as a supplement to federal aid or as a last resort when federal loans and other forms of financial aid are insufficient to cover educational expenses.

Before choosing a private student loan, it’s wise to compare offers from different lenders, review the interest rates and terms, and consider seeking financial advice to ensure that borrowing a private loan aligns with your long-term financial goals. Responsible borrowing and careful consideration of repayment obligations will help you manage your student loan debt effectively.

Applying For Student Loans

Eligibility Requirements

When considering student loans, it’s important to understand the eligibility requirements to determine if you qualify for financial assistance. Eligibility criteria can vary depending on the type of loan, whether it’s a federal loan or a private loan. Here are some common factors that lenders consider when determining eligibility for student loans:

  1. Enrollment in an Eligible Institution: To be eligible for student loans, you must be enrolled or accepted for enrollment as a student at an eligible educational institution. This can include universities, colleges, vocational schools, and other postsecondary educational institutions that participate in federal student aid programs.
  2. Citizenship or Legal Residency: Federal student loans are generally available to U.S. citizens, U.S. nationals, or eligible non-citizens, such as permanent residents or individuals with certain refugee or asylum statuses. Private lenders may have their own citizenship or residency requirements, so it’s essential to review their specific eligibility criteria.
  3. Completion of the Free Application for Federal Student Aid (FAFSA): To qualify for federal student loans, you must complete the FAFSA form. The FAFSA determines your financial need and helps determine your eligibility for various federal aid programs, including grants, scholarships, work-study, and federal student loans. It’s recommended to submit the FAFSA as early as possible each year to maximize your financial aid opportunities.
  4. Satisfactory Academic Progress: Both federal and private lenders often require that you maintain satisfactory academic progress (SAP) to remain eligible for student loans. This typically means meeting certain GPA requirements and successfully completing a minimum number of credits each semester or academic year. Failing to maintain SAP could result in the loss of eligibility for future loan disbursements.
  5. Creditworthiness: While federal student loans do not typically require a credit check, private student loans often do. Private lenders assess your creditworthiness to determine if you qualify for their loans and what interest rate you will be offered. A good credit history and credit score can increase your chances of approval and help secure more favorable loan terms. Alternatively, having a co-signer with good credit may be necessary to qualify for private loans if your credit history is limited or poor.

It’s important to note that specific eligibility requirements may differ among different loan programs and lenders. Before applying for student loans, it’s crucial to carefully review and understand the eligibility criteria for each type of loan you’re considering. This will help you determine if you meet the necessary requirements and avoid wasting time on applications for loans you may not qualify for. Additionally, reaching out to the financial aid office at your educational institution or seeking guidance from a financial advisor can provide valuable insight into eligibility requirements and the loan application process.

Filling Out The FAFSA (Free Application For Federal Student Aid)

The Free Application for Federal Student Aid (FAFSA) is a crucial step in the financial aid process for college and university students. It serves as the primary application for federal student aid programs, including grants, scholarships, work-study, and federal student loans. Here’s a step-by-step guide on how to fill out the FAFSA:

  1. Gather Required Documents: Before starting the FAFSA, gather the necessary documents and information. These may include your Social Security number, driver’s license, federal tax returns (yours and your parents’ if you are a dependent student), W-2 forms, records of untaxed income, bank statements, and investment records. Having these documents on hand will streamline the application process.
  2. Create an FSA ID: The FSA ID serves as your electronic signature for the FAFSA and allows you to access and manage your federal student aid information online. Create your FSA ID at before starting the FAFSA. Dependent students will also need a parent or guardian to create their own FSA ID.
  3. Visit the FAFSA Website: Access the official FAFSA website at to begin the application process. Be cautious of fraudulent websites or services that charge a fee to complete the FAFSA. The FAFSA is free, and you should always use the official government website.
  4. Start a New Application: Select the option to start a new FAFSA application. You will be prompted to provide your FSA ID and other personal information, such as your name, date of birth, and contact details. Fill in the required fields accurately.
  5. Fill in Financial Information: The FAFSA requires detailed financial information about yourself and your parents (if you are a dependent student). This includes income details, tax information, and assets. Use the IRS Data Retrieval Tool (DRT) if available to transfer your tax information directly from the IRS into the FAFSA. This can simplify the process and reduce the chance of errors.
  6. List Schools: Specify the schools to which you want your FAFSA information sent. You can list up to ten schools on the FAFSA. It’s essential to list all the schools you are considering, even if you haven’t applied or been accepted yet. This ensures that each school receives your financial aid information and can provide an accurate aid package.
  7. Review and Submit: Review all the information you entered to ensure accuracy and completeness. Make any necessary corrections or updates. Once you’re confident that everything is accurate, sign and submit your FAFSA.
  8. Confirmation and Follow-Up: After submitting the FAFSA, you will receive a confirmation email or letter. Review the Student Aid Report (SAR) you receive to verify the information and make corrections if needed. The SAR will also include your Expected Family Contribution (EFC), which is used to determine your eligibility for federal student aid.

Remember to submit your FAFSA as early as possible. The application opens on October 1st each year, and some aid programs have limited funding, which is awarded on a first-come, first-served basis. Check with your chosen institutions for specific deadlines and requirements.

Filling out the FAFSA accurately and in a timely manner is crucial for accessing various forms of financial aid. It’s important to maintain copies of all documents submitted and to follow up with your chosen schools to ensure they have received your FAFSA information. By completing the FAFSA diligently, you increase your chances of receiving the financial aid you need to pursue your educational goals.

Comparing Loan Options

When considering financing options for higher education, it’s essential to evaluate and compare different loan options. Both federal and private student loans have their advantages and disadvantages, and the right choice for you will depend on your individual circumstances. Here are some key factors to consider when comparing loan options:

  1. Interest Rates: Interest rates determine the cost of borrowing and the total amount you’ll repay over the loan’s lifetime. Federal student loans typically have lower interest rates than private loans, which can save you money over time. Private loan interest rates can vary widely based on creditworthiness, the lender, and the type of loan.
  2. Repayment Terms: Repayment terms determine how long you have to repay the loan and the monthly payment amount. Federal student loans generally offer more flexible repayment options than private loans. Federal loans offer income-driven repayment plans, which adjust your payment amount based on your income, as well as deferment and forbearance options. Private loans may have fixed or variable repayment terms and typically have fewer options for loan forgiveness or cancellation.
  3. Fees: Loan fees can add up quickly, increasing the overall cost of borrowing. Federal loans typically have lower origination fees than private loans, but some private lenders may offer no origination fees or other benefits, such as interest rate reductions for making on-time payments.
  4. Eligibility: Eligibility requirements for federal and private loans differ. Federal loans are available to all eligible students, regardless of credit history or income level. Private loans often require a credit check and may require a co-signer for students with little or no credit history.
  5. Borrowing Limits: Federal loans have annual and lifetime borrowing limits, which vary based on the loan type, dependency status, and other factors. Private loans may have higher borrowing limits, but it’s essential to borrow only what you need to avoid excessive debt.
  6. Loan Forgiveness and Discharge Options: Federal loans offer loan forgiveness and discharge options, such as Public Service Loan Forgiveness (PSLF) and disability discharge, that are not available with most private loans. Private loans may offer some discharge options, but they are generally more limited.

When comparing loan options, it’s essential to carefully review the terms and conditions of each loan and to consider your individual circumstances. Make sure you understand the interest rate, repayment terms, fees, eligibility requirements, borrowing limits, and available forgiveness and discharge options. By doing so, you can make an informed decision about which loan option is best for you and your financial future.

Financial Aid Packages And Grants

When it comes to financing your education, financial aid packages and grants can be invaluable resources. These options can help reduce the burden of tuition and other expenses associated with attending college or university. Understanding the types of financial aid packages and grants available can assist you in making informed decisions about funding your education. Here are some key points to consider:

  1. Financial Aid Packages: Financial aid packages are comprehensive offers that typically include a combination of grants, scholarships, work-study opportunities, and loans. These packages are created by educational institutions to help students cover their educational costs. The components of a financial aid package can vary based on factors such as financial need, academic achievements, and the policies of the institution.
    • Grants and Scholarships: Grants and scholarships are forms of financial aid that do not need to be repaid. They are typically awarded based on various criteria such as academic merit, financial need, or specific talents. Grants and scholarships can be provided by the federal government, state governments, educational institutions, private organizations, or other sources. They can significantly reduce the overall cost of education.
    • Work-Study: Work-study programs provide students with part-time employment opportunities on or off campus, allowing them to earn money to help cover educational expenses. These jobs are often related to the student’s field of study and offer flexible scheduling to accommodate academic commitments. The income earned through work-study is typically considered financial aid and may not have to be repaid.
    • Loans: While loans are not considered financial aid in the traditional sense, they are often included in financial aid packages. Federal student loans, such as Stafford loans and Perkins loans, are common components of financial aid packages. It’s important to carefully consider the terms and conditions of loans and to borrow responsibly to avoid excessive debt.
  2. Grants: Grants are financial aid awards that do not require repayment. They are typically awarded based on financial need, although some grants may also consider other factors such as academic achievement or specific demographics. The largest provider of grants is the federal government, through programs like the Federal Pell Grant and Federal Supplemental Educational Opportunity Grant (FSEOG). States, institutions, and private organizations also offer grants to eligible students.
  3. Application Process: To be considered for financial aid packages and grants, you generally need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is used to assess your financial need and determine your eligibility for various federal, state, and institutional aid programs. Be sure to meet the application deadlines and provide accurate and up-to-date financial information to maximize your chances of receiving financial aid.
  4. Renewability and Requirements: Some grants and financial aid packages may have specific requirements for renewal, such as maintaining a certain GPA or making satisfactory academic progress. It’s important to understand these requirements and fulfill them to continue receiving aid in subsequent academic years.

Financial aid packages and grants can significantly offset the cost of education and reduce the need for borrowing. Be proactive in researching and applying for grants and financial aid, and explore all available resources, including federal, state, institutional, and private sources. Understanding the components of financial aid packages and the availability of grants will help you make informed decisions about financing your education while minimizing the burden of student loan debt.

Managing Student Loans

Repayment Options

Once you’ve completed your education and entered the repayment phase of your student loans, it’s important to understand the various repayment options available to manage your debt effectively. Here are some common repayment options to consider:

  1. Standard Repayment Plan: The standard repayment plan is the default option for federal student loans. It involves fixed monthly payments over a period of 10 years. This plan typically results in higher monthly payments but allows you to repay your loans quickly and minimize the total interest paid over time.
  2. Graduated Repayment Plan: The graduated repayment plan starts with lower monthly payments that gradually increase over time, usually every two years. This plan is beneficial for borrowers who expect their income to increase steadily in the future. While the initial payments may be more manageable, it’s important to note that the total interest paid over the loan term may be higher compared to the standard plan.
  3. Income-Driven Repayment Plans: Income-driven repayment plans (IDR) are designed to make loan repayment more manageable based on your income and family size. There are several types of IDR plans, including Income-Based Repayment (IBR), Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), and Income-Contingent Repayment (ICR). These plans adjust your monthly payments to a percentage of your discretionary income. After a certain period (usually 20 or 25 years), any remaining loan balance may be forgiven, but the forgiven amount may be taxable. IDR plans can provide flexibility, especially for borrowers with low income or high loan balances, but they may result in paying more interest over the loan term.
  4. Extended Repayment Plan: The extended repayment plan extends the loan term beyond the standard 10-year period, allowing borrowers to make lower monthly payments over a longer time frame, typically 25 years. This plan can be helpful for borrowers who need lower monthly payments but may result in paying more interest over the life of the loan.
  5. Loan Consolidation: Loan consolidation allows you to combine multiple federal student loans into a single loan with a fixed interest rate. Consolidation simplifies your loan repayment by offering a single monthly payment instead of managing multiple loans. However, it’s important to note that consolidation may result in a longer repayment period, which can increase the total interest paid over time.
  6. Private Loan Repayment Options: Private student loans often have fewer repayment options compared to federal loans. However, some private lenders may offer flexible repayment plans, such as graduated repayment or interest-only payments for a certain period. It’s essential to review the terms and conditions of your private loans and discuss repayment options with your lender.

It’s important to note that the availability of specific repayment options may vary depending on the type of loan and lender. Before choosing a repayment plan, carefully evaluate your financial situation, consider your long-term goals, and assess the impact on your monthly budget. If you’re unsure about which plan to choose, reach out to your loan servicer or a financial advisor who can provide guidance tailored to your individual circumstances.

Remember, maintaining regular and timely payments is crucial to avoid defaulting on your student loans. If you experience financial hardship, contact your loan servicer to explore options such as deferment, forbearance, or loan forgiveness programs that may be available to you.

Grace Periods And Deferment

During your student loan repayment journey, you may encounter situations where you need temporary relief from making loan payments. Understanding grace periods and deferment options can help you navigate these circumstances effectively. Let’s explore these concepts in more detail:

  1. Grace Period: A grace period is a period of time after you graduate, leave school, or drop below half-time enrollment when you’re not required to make loan payments. Grace periods vary depending on the type of loan:
    • Federal Loans: Most federal student loans offer a grace period of six months. This grace period allows you time to transition into the workforce and get financially settled before you start making loan payments. During the grace period, interest may continue to accrue on unsubsidized federal loans, meaning the loan balance can increase. However, subsidized federal loans do not accrue interest during the grace period.
    • Private Loans: Private loan lenders determine the terms of the grace period for their loans, and it can vary. Some private loans may not have a grace period at all, so it’s essential to review your loan agreement or contact your lender to understand the specifics.
  2. Deferment: Deferment is a temporary suspension of loan payments for borrowers who meet specific criteria. During deferment, interest may or may not accrue depending on the type of loan. Here are some common deferment options:
    • In-School Deferment: If you return to school at least half-time, you may be eligible for an in-school deferment. This means you can postpone loan payments while you’re enrolled. Federal student loans generally offer this option, but private loans may vary.
    • Economic Hardship Deferment: Economic hardship deferment is available for borrowers facing financial difficulties such as unemployment, economic hardship, or receiving certain government assistance programs. Both federal and private loans may offer economic hardship deferment options, but eligibility criteria may vary.
    • Military Service Deferment: If you’re on active duty in the military, you may qualify for a military service deferment. This deferment is available for both federal and private student loans and can provide relief from making loan payments during your service.
    • Other Deferment Options: Additional deferment options may be available depending on your circumstances. For example, some deferment options include temporary disability, parental leave, or Peace Corps service. Check with your loan servicer or lender to explore specific deferment options for your loans.

It’s important to note that deferment options and eligibility criteria can vary depending on the loan type, lender, and specific circumstances. If you’re experiencing difficulty making loan payments, contact your loan servicer or lender as soon as possible. They can guide you through the deferment application process and help determine the best course of action based on your situation.

Remember, while deferment offers temporary relief from loan payments, interest may continue to accrue on certain loans, increasing the total amount you owe. If possible, consider making interest payments during deferment to prevent interest capitalization.

Staying informed about grace periods and deferment options allows you to make informed decisions and effectively manage your student loan repayment journey. By understanding these concepts, you can navigate temporary financial challenges and ensure you stay on track toward paying off your loans.


In conclusion, student loans are a complex and often overwhelming aspect of higher education that many students and their families must navigate. They serve as a double-edged sword, providing financial access to education while burdening borrowers with substantial debt. It is crucial for students and their families to fully understand the intricacies of student loans before making any decisions, as they have long-lasting consequences.

First and foremost, it is important to explore all available alternatives before resorting to student loans. Scholarships, grants, and work-study programs should be considered as potential sources of funding. These options can significantly reduce the need for loans or even eliminate the need entirely. Conducting thorough research and seeking guidance from financial aid offices or trusted advisors can help students uncover these opportunities.

When taking out student loans becomes inevitable, it is essential to carefully assess the terms and conditions of each loan option. Understanding interest rates, repayment plans, and potential consequences of defaulting on loans is critical. Comparing different loan providers and exploring federal student loans versus private loans can help students secure the most favorable terms and minimize the overall debt burden.

Proper financial planning is crucial throughout the college journey. Students should create realistic budgets and stick to them, avoiding unnecessary expenses and lifestyle choices that may hinder their ability to repay loans after graduation. Additionally, making timely interest payments, even during the grace period, can help prevent the accumulation of interest capitalization and reduce the overall debt.

For those struggling to manage student loans, there are several options available to alleviate the burden. Federal loan borrowers may be eligible for income-driven repayment plans, loan forgiveness programs, or deferment and forbearance options. It is crucial to stay informed about these programs and take advantage of any opportunities to lessen the financial strain.

Lastly, it is important to remember that student loans are not insurmountable obstacles. With careful planning, disciplined financial management, and proactive communication with loan providers, borrowers can successfully navigate the repayment process. Seeking financial literacy resources, attending workshops, and consulting with financial advisors can provide valuable guidance and support along the way.

As a society, it is essential to address the systemic issues surrounding student loans and higher education financing. Policy changes, such as increased investment in education, expanded scholarship opportunities, and loan forgiveness initiatives, can alleviate the burden on students and promote greater accessibility to quality education. Advocating for affordable education and equitable loan policies should be a priority for students, parents, educators, and policymakers alike.

Overall, student loans have become an integral part of the higher education landscape, enabling millions of students to pursue their academic aspirations. However, the complex nature of student loans demands careful consideration and informed decision-making. By exploring alternative funding sources, understanding loan terms, practicing responsible financial habits, and utilizing available repayment options, students can minimize the impact of student loans on their lives and achieve financial success in the long run. Ultimately, addressing the broader issues of education affordability and loan policies will contribute to a more inclusive and equitable educational system for future generations.