Borrowing money to pay for education is a fact of life for most college students. Of the 20.5 million students attending college in 2016, The College Board estimates 34 percent — approximately 6.97 million people — took out some form of federal loan to help pay for their education. The Institute for College Access and Success reports that 68 percent of college seniors graduated with student loan debt.
A student loan is money you borrow for school that must be repaid with interest, according to the U.S. Department of Education.
