For those needing a loan to attend college, think federal aid first. Federal student loans usually offer borrowers lower interest rates and have more flexible repayment terms and options than private student loans. This brief report answers the following questions about federal aid: (1) What is a federal student loan?; (2) What is a private student loan?; (3) Why are federal student loans a better option for paying for college?; (4) How much should I borrow?; and (4) A chart presenting the types of federal student loans that are available.