Unlike grants and scholarships, which are free money, student loans have to be be paid back with interest over a specific period of time. That means you pay back more money than you borrowed, unless your loan gets forgiven.

There are three main types of student loan:

1. Direct Subsidized Loans: Federal loans for undergraduates who submit FAFSA and have financial need. The government pays the interest while a student is in school, for six months after a student leaves school, and during any deferment periods.

2. Direct Unsubsidized Loans: Federal loans for undergraduates and graduate students who submit FAFSA. Students don't need to have financial need to qualify for these loans. The government doesn't pay any of the interest.

3. Private Loans: Any loan that isn't from the government. Instead of applying through FAFSA, students apply to the lender directly. These generally have higher interest than federal loans and can't be forgiven or deferred.

In general federal loans are a lower-cost option than private loans. It's important to carefully read over the terms and conditions of a loan, and to consider all possible options, before taking out any loan.