Though there are many different lenders that provide student loans, there are only a couple types of loans. Students can eventually have options for deferment and repayment through a consolidation plan, but in the beginning, there are two ways to get financing for college from a student loan. The two types of student loans are private student loans and federally funded student loans. Each loan offers something a little bit different, but they are both known for low interest rates and flexible repayment options.