What types of loans are available?

In New Mexico, student loan law provides numerous loan options to help students pay for their education. These loans generally fall into two broad categories, federal loans and private loans. Federal loans are student loans backed by the federal government, such as Federal Direct Loans, Federal Perkins Loans, and Federal Family Education Loans (FFEL). These loans generally have lower interest rates and flexible repayment terms. To be eligible for these loans, students must first fill out the Free Application for Federal Student Aid (FAFSA). Private loans, on the other hand, are student loans issued by private lenders. These loans are not backed by the federal government, and generally have higher interest rates and less flexible repayment terms. In most cases, students must have a good credit rating or a co-signer to qualify for these loans. Some specialized loans may also be available, such as loans specifically for international students or those with special financial needs. These loans may have different requirements and different eligibility criteria. In New Mexico, it is important to understand the different types of student loans and how to qualify for them. Doing research and talking to a financial aid expert can help you determine which loan is best for your situation.

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What types of loans are available?

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