When it comes to paying for college, career school, or graduate school, federal student loans can offer several advantages over private student loans. 
Need a loan to help pay for college? Consider federal loans first! If you apply for financial aid , your school will likely include student loans as part of your financial aid package. It s important to understand what types of loans you are offered. Generally , there are two types of student loans federal and private. Federal student loans and federal parent loans : These loans are funded by the federal government. Private student loans: These loans are nonfederal loans, made by a lender such as a bank, credit union, state agency, or a school. 

If you need to borrow money to pay for college or career school, start with federal loans. 
Federal student loans are Direct Subsidized Loans and Direct Unsubsidized Loans and Direct PLUS Loans for graduate and professional students. Federal parent loans are Direct PLUS Loans for parents. Parents are fully responsible for paying these loans, even though they are taken out to benefit students. 

What are the differences between federal and private student loans? 
Federal student loans are made by the government, with terms and conditions that are set by law, and include many benefits such as fixed interest rates and income - driven repayment plans not typically offered with private loans. In contrast , private loans are made by private organizations such banks, credit unions, and state - based or state - affiliated organizations, and have terms and conditions that are set by the lender. Private student loans are generally more expensive than federal student loans. The chart below provides a summary of the differences. Private loans differ by lender and by type of loan. Be sure you understand the terms of your loan, and keep in touch with your lender about any questions you may have. 

How do I get a federal student loan? 
To get a federal loan , you must first complete the 

user: Hi there, I am trying to decide whether a federal student loan will be more advantageous for me over a private student loan for college and was looking for some information to help me decide

assistant: Are you seeking a loan to help pay your expenses for college?

user: Not at the moment, but the matter may arise in the future

user: Are there many differences between federal and private student loans, and where would I get all the relevant information about these borrowings?

assistant: The government makes federal loans available, the terms and conditions of which are set out by the law. You can avail of a lot of benefits with a federal loan, such as fixed interest rates and income-driven repayments, which you won't find with private student loans. Private loans are offered by financial institutions whose terms and conditions are governed by the financial institution themselves

user: What type of funding is included if I apply for student financial aid?

assistant: It's quite likely that your school would include a student loan as part of your financial aid package, but it is important to understand the differences between federal loans and private student loans

user: What is the process required for getting a federal loan for my college attendance?

assistant: The first step of the application process is to complete the Free Application for Federal Student Aid FAFSA form. This form will also give you further information about applying for aid

user: Does my school choose one type of student loan over another in respect of any financial aid package that I might be offered?

assistant: It's likely that they will include student loans as part of the package, but the advice is to be certain that the loan that is offered to you is the best choice for you personally