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: Are there any advantages to having a federal student loan over a private student loan?

assistant: Will you be seeking to take out a loan to help pay for your college education?

user: Not at the moment, I am just looking for information

user: What are the actual differences between federal student loans and private student loans?

assistant: Federal student loans are offered by the Government. The terms and conditions of these loans are governed by the law. Benefits of these loans may include fixed interest rates and income-driven repayment plans which are not typically offered with private student loans. Private loans are offered by financial institutions and have their conditions governed by the lender themselves

user: Is there any summary of the differences that you could give me?

assistant: There is a chart on the website that provides a summary of both loans and how they differ

user: Is there any Direct Loan that a parent can take out for their child?

assistant: Yes, these are known as Federal parent loans and are Direct PLUS Loans aimed at parents

user: Are there many differences between federal and private student loans?

assistant: Federal loans are offered by the Government whose terms and conditions are governed by law. Private loans are offered by financial institutions and are governed by the lenders themselves