What are the different types of student loans?
An example of an AI chatbot conversation about understanding student loans and their types.
What are the different types of student loans?
There are two main types of student loans: federal loans and private loans. Federal loans are funded by the government, while private loans are offered by banks and financial institutions.
Can you explain the differences between federal and private loans?
Sure! Federal loans typically have lower interest rates and more flexible repayment options. Private loans may have higher rates and less favorable terms.
What are some examples of federal student loans?
Examples of federal student loans include Direct Subsidized Loans, Direct Unsubsidized Loans, and PLUS Loans.
How do I apply for federal student loans?
To apply for federal student loans, you need to complete the Free Application for Federal Student Aid (FAFSA). This will determine your eligibility.
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