Student loans represent the largest source of financial aid and are debts that must be repaid by the borrower either during attendance, after graduation, or after withdrawal from school. The advantages of student loans include delayed repayment; relatively low interest rates, several repayment options, and sometimes the ability to postpone payments. When considering student loans only borrow what you need, monitor how much is borrowed annually, and plan how to repay the loans. Warning: if student loans are not repaid, a student can face serious consequences.