Student loans are a form of financial aid. The student and/or the parent(s) borrow money from private lenders or the state or federal governments. As these are loans, they must be repaid and the borrower agrees to the term and manner of repayment in the Promissory Note document. There are many wide ranging types of loans with different interest rates and note terms. Some loans are standard and straightforward. Others may be more exotic. The term may range up to 10 and even 25 years; the fee might be income based, fixed and even contingent.
If you are needing a student loan to attend college, check out all the options available to you, read each application carefully. You might even enlist the assistance of a CPA.