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)
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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