Except for PLUS loans, there are no credit checks required as long as other eligibility conditions are met.
Guaranty agencies are state or private nonprofit agencies that administer the federal guaranteed loan program.
To find out what type of federal government loan you have, visit the National Student Loan Data System (NSLDS).
You can also click here to help you tell the difference between government and private loans. Ford Direct loans are made directly from the Department of Education to students, without the involvement of a private lender.
Many of the terms and conditions for the FFEL and Direct loan programs are the same.
However there are some differences in repayment options.
There are still many FFEL loans in the system, but as of July 2010, no new FFEL loans are being made. Federal loans, whether through a bank/private lender or the Department of Education, are funded and tightly regulated by the federal government.
Private loans are not subsidized by the government, and therefore are not regulated as closely.