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Colleges may participate in either the Federal Family Education Loan Program (FFELP) or the William D. Ford Federal Direct Loan Program (Federal Direct Loans) . Both programs have the same general terms, conditions, interest rates, benefits and loan amounts. The main difference between them is that the government funds the Federal Direct Loans, and private lending institutions fund the FFELP. Although some colleges offer both, a student may only borrow under one program during an enrollment period. Students should check with the college they plan to attend to find out through which program they may be borrowing and what they need to do to apply for a loan if they do decide to borrow.
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