January 5th, 2012 
admin Student loans must be repaid with interests and are not like grants or work-study loans. They can’t be cancelled if you don’t like the education you received on them or if they don’t fetch you a job in your field of study.
There are different student loans to choose from like private loans, secured loans, unsecured loans etc., in general. Students can choose from different a list of different loan programs keeping in mind their convenience and the interest of different exercisable options available based on the criteria.
Eligibility- Loans and repayable schemes are made available based on the eligibility of the student both at personal and institutional level. The work status of the student would also be taken into consideration.
Maximum loan sanction- There would be a maximum limit of amount sanctioned for every loan scheme. It depends on the university, place of study and the other aid one receives apart from the loans.
Interest rate- They depend on the inflation rates and fluctuated between 1.5% and 5% in the past decade.
Lender- A few loan programs are undertaken by the college itself, whereas lenders in most of the loan schemes are banks, private lenders or credit unions or department of education.
Length of repayment- This depends on the amount owed. The average length would be up to 15 years. But it can be extended up to 25 years based on the amount owed.
There are several professional sites on the internet that can help one through the comparison process and help one choose the right student loan.
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