Loans are very convenient. But they can also be expensive. While you're studying try to avoid high interest debt such as credit cards and some hire purchase deals.
Money paid in return for the use of money. If the bank is using your money (in a savings account) they pay you interest. If you are using the bank's money (via a loan), you pay the bank money.
Debt is what you owe - it comes in many forms, including mortgages, personal loans, credit card balances, hire purchase agreements, loans from family.
