Financing is available through many different kinds of loans, and each kind has its own unique use. If you're looking to borrow money, here are some different loan options that might work for your situation.

Student Loans: For Educational Purposes

Student loans are specifically designed to help students — who frequently have high tuition costs and limited credit history — pay their educational expenses. The most common student loans are used to pay for college or university degrees, but loans also are available for trade school and other post-secondary programs.

Many student loans are offered by the federal government, but not all are. The federally backed loans come with a guarantee from the government, which means the federal government will pay back the loan if the borrower defaults on it. This can make qualifying for a student loan easier, as lenders have the assurance of the government that they'll get paid.

If you need financing to pay for school, a student loan is likely the best option. You'll likely be able to qualify for some student loans at least, and they typically come with lower interest rates than many other loan options.

Mortgages: For Home Buying

Mortgages are a specific type of real estate loan that's used when someone wants to purchase a home. Typically these are used for single-family homes that serve as a primary residence, but they might also be used for a second home.

Most mortgages meet a certain set of criteria, which allows multiple mortgages to be bundled together and sold between lenders after they're written. The vast majority of homebuyers end up with a conforming mortgage, as these are sometimes called since they conform to the industry standards.

In a few situations, however, a homebuyer might look for a non-conforming home mortgage. If a homebuyer is purchasing an especially expensive home, for instance, they might need a more specialized mortgage.

In both types of loans, the house that's purchased serves as collateral against the loan. Should a borrower default on their loan, the lender can take possession of the house as a result.

If you're purchasing a home, you'll almost certainly need a home mortgage. A loan officer can check whether a conforming mortgage meets your needs or you require a non-conforming one.

Personal Loan: For Miscellaneous Expenses

Personal loans have much fewer strings attached than student loans or home mortgages. Personal loans come with higher interest rates, but they can be used for almost anything.

If you need some funding to cover miscellaneous expenses, a personal loan might be a suitable choice.

For more information on different kinds of loans, reach out to a lender in your area.