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Education Loan

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Definition of 'Education Loan'

Money borrowed to finance education or school related expenses. Payments are often deferred while in school and for a six-month grace period after graduation. Sallie Mae is the largest source of education loans and handles the two major types, the Stafford loan and the Perkins loan. One of the major benefits of these types of loans is that they come with low interest rates and do not require collateral or a credit check.




Investopedia Says

Investopedia explains 'Education Loan'

Sallie Mae acts as a secondary market for student loans. The money from a Sallie Mae loan is not actually lent to the student or their parents by the government. Once the loan has been completed, the lender will then sell the loan back to Sallie Mae in order to free up their funds to help additional students.




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