Clarification on the Nielsen-Schreier Theorem

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I am a new student of Geometric Group theory, and my professor walked us through a proof of the Nielsen-Schreier Theorem that uses the fact that a group that acts freely on a tree must be free. Our development of the theory only applies to finitely generated groups, however, and I was wondering the following. Does the Nielsen-Schreier theorem apply to free groups of infinite rank as well?