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Federal vs. Private Student Loans | Britannica Money

Federal student loans are available to almost any U.S. citizen attending an eligible school, without the need for a credit check. The government issues these loans and then contracts with servicers to manage their administration. Private student loans are offered by banks, credit unions, and other nongovernment lenders. As with other loans, you must go through a credit check, and you can be denied.
Stuart School United States Illinois Institute Of Technology University Of Illinois Bymiranda Marquit Miranda Marquit

What Is a mortgage? How does it work? | Britannica Money

A mortgage is a loan used to buy your home. You borrow money from a bank or credit union to make your home purchase, then pay it back over time. However, in order to use the lenderโ€™s money, youโ€™ll be charged interest. So your total mortgage amount includes the original amount you borrow, plus the interest you pay to the lender as a fee for using their financial resources.
Stuart School United States Illinois Institute Of Technology University Of Illinois Bymiranda Marquit Miranda Marquit

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