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A loan is a contract between two parties, according to which the repayment of the borrowed amount happens usually with some interest at a predetermined date in the future. In some cases, the contract is enforceable in the court of law. However, student loans are different from other general loans in terms of periods of repayment and rate of interest to be paid. Student loans have relatively longer durations for repayment and offer lower rates of interest.
Types of Student Loans
Loans are of two chief classes, Private and Federal Loans: