LOAN - GENERALLY

Basically, loan is debt. Most debt involved with monetary loans, although, in practice, loan is related to any material object might be lent i.e. like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
The borrower initially does receive an amount of money from the lender, which he has to pay back, usually but not always in regular installments, to the lender. This service is generally provided at a cost, referred to as interest on the debt. A loan is of the annuity type if the amount paid periodically (for paying off and interest together) is fixed.

Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.
Legally, a loan is a contractual promise between two parties where one party, the creditor, agrees to provide a sum of money to a debtor, who promises to return the money to the creditor either in one lump sum or in parts over a fixed period in time. This agreement may include providing additional payments of rental charges on the funds advanced to the debtor for the time the funds are in the hands of the debtor (interest).

For those students who intends to apply the loan, make sure to read all the clauses that written in the agreement and understand the terms. It will help you in the future.

WHAT IS STUDENT LOAN

Student loans are loans offered to students to assist in payment of the costs of professional educations. These loans usually carry a lower interest rate than other loans and are usually issued by the government. Often they are supplemented by student grants which do not have to be repaid.

Student loan are vital resources that help to pay for college expenses incurred. The application process for financial aid is not intended to be difficult but still can be overwhelming at times.Ease the stress by apply it online for federal loans, private loans and grant loans.

Different countries have different type of student loan and it's clause and terms.

While included in the term "financial aid" higher education loans differ from scholarships and grants in that they must be paid back. Some countries have different arrangement of students loans, for example:
Federal student loans made to students directly: No payments while enrolled in at least half time status. If a student drops below half time status, the account will go into its 6 month grace period. If the student re-enrolls in at least half time status, the loans will be deferred, but when they drop below half time again they will no longer have their grace period. Amounts are quite limited as well.
Federal student loans made to parents: Much higher limit, but payments start immediately.

Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately. Private loans may be used for any education related expenses such as tuition, room and board, books, computers, and past due balances. Private loans can also be used to supplement federal student loans, when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of higher education.

(Federal student loans in the United States are authorized under Title IV of the Higher Education Act as amended.
These loans are available to college and university students via funds disbursed directly to the school and are used to supplement personal and family resources, scholarships, grants, and work-study. They may be subsidized by the us goverments or may be unsubsidized depending on the student's financial need )