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Types of Student Loans

What is a loan?

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

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)

To get a federal student loan, students must complete:

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