If you’re going to take out student loans to help you pay for college, you’ll likely be deciding between private or federal loans. Here’s what you’ll need to know about federal loans.

1. They can often have lower interest rates than private loans.
2. They’re issued by the Department of Education and have multiple options.
3. You don’t need to undergo a credit check usually and can instead opt for a cosigner.
4. There are options for forbearance or deferment when borrowers can’t pay.
5. You could eventually qualify for loan forgiveness.