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Elena Botella

Elena Botella

Special Assignment Writer

Elena Botella is a financial journalist and consumer advocate who lives in Washington, D.C. Her writing has appeared in American Banker, Slate and Forbes.com.


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Articles written by Elena Botella

How Do Student Loans Work?

Written by Elena Botella
Updated December 31, 2021

Student loans can be offered by the federal government, local governments, or private lenders. They can be used to finance tuition, room and board, and living expenses. The rules and terms for student loans vary and the debt associated with these loans generally cannot be discharged via bankruptcy. Repayment options for federal loans differ from those available for private loans. Similarly, interest rates, grace periods, and prepayment terms differ as well. It is important to understand how the loans you're either being offered or have already taken out "work" when developing a successful plan to repay your student loan debt obligations.

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