There are many different ways a student can borrow money for college, but the most common forms of student loans are private student loans and federal student loans. Private student loans are those that an individual borrows from financial institutions, such as a bank or credit union. These loans are ideal for someone who would prefer not to borrow from the federal government or who’d rather borrow with their bank or credit union of choice. Private student loans do come with a cost, though. They tend to have higher interest rates and are usually harder to get than federal student loans. Private student loans typically require a cosigner as well. Federal student loans are loans that individuals borrow directly from the federal government. Federal student loans are a good option because they usually have lower interest rates and may not require a cosigner. There are several different types of federal student loans, such as Direct Subsidized Loans, Parent PLUS Loans, and Direct Consolidation Loans. It is best to research each type of federal and/or private student loan to see which is best for your circumstances.