Definition - What does Student Loan mean?
Student loans are loans that are given by the federal government to students to help them pay the expenses associated with college or graduate school. For example, student loans can help pay for room, board, tuition, meals, etc.
In the context of the law, student loans are legally required to be repaid by borrowers.
Justipedia explains Student Loan
Student loans are exempt from many bankruptcy laws. This means that even if a student loan borrower files for bankruptcy, it is unlikely that they will have their student loan debt forgiven.
A person who defaults on their student loan debts can see a drop in their credit score, as well as punitive consequences from the government . For example, the government could garnish the borrower's wages or impose other penalties.
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