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Personal Finance: Federal/Non-Federal Loans

Different Types of Loans

The basic difference between federal and private student loans is that federal student loans are offered by the government, while private student loans are offered by a private-sector lender. These two types of loans offer very different benefits, interest rates, and repayment options. Learn more about the differences between federal and private student loans

Federal Government Loans

Types of Federal Student Loans This website helps you to understand the types of federal student loans, how much can be borrowed, and how to apply. 

 The PSLF Program ( Public Services Loan Forgiveness ) forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

Myfederalloan This link will help you successfully repay your federal loans.

 

 

 

 
 
 
 

Private Loans

https://www.finaid.org/loans/privatestudentloans.phtml Take out a private student loan only after you have exhausted your eligibility for federal student loans and you need additional financing to cover your remaining financial need.

Managing and Understanding Private Student Loans Getting a private student loan is a big decision and it is important to know what to expect once the loan is disbursed. Unlike federal student loans, private loans have less consumer repayment options and protections.