A
loan one uses to pay for postsecondary education. A parent, guardian or the student may take out a student loan. In the United States, the federal government subsidizes or guarantees some student loans to enable more people to attend college.
Interest on student loans is also
tax deductible in the United States. However, because universities in the United States are often so
expensive, many students spend a significant portion of their
income on student
debt service.