Types of Student Loans

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What is a loan?

A loan is an amount of money that you can borrow but must pay back with interest.

Loan types

There are two basic loan types: federal/governmental loans and private loans

  • Federal or governmental loans — commonly referred to as federal student loans — are loans offered by the federal government
  • Private loans are loans offered by a lender (such as a bank, credit union, or school)

Learn more about the differences between federal and private loans.

How to get a student loan

To get a federal student loan, students must complete:

  • FAFSA application
  • Master Promissory Note (MPN)
  • Entrance counseling

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