Student loans can help bridge the gap between the total cost of going to college and the amount of financial aid your school offers. There are two main types of student loans: federal loans with benefits and fixed rates that apply to all borrowers, and private student loans with rates and terms that vary.

You’re almost always better off going with federal student loans because you’re likely to get a lower interest rate, and they come with special benefits and protections. However, you can only refinance student loans through private lenders.

 

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