Elena Botella is a financial journalist and consumer advocate who lives in Washington, D.C. Her writing has appeared in American Banker, Slate and Forbes.com.
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Articles written by Elena Botella
How Student Loans Work: Your Complete Guide
Written by Elena Botella. Legally reviewed by Jonathan Petts
Updated June 9, 2025
There are two major categories of student loans: federal and private. Most students opt for federal student loans because they usually have lower interest rates and more generous repayment options. There are other differences between private and federal student loans as well, including payment terms, interest rates, and eligibility requirements. Student loans can be used to finance tuition, room and board, and living expenses.
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