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How do loans and leases work? Can you please explain them and give two examples?

Best answer from question by frog prince:

Answer by T E
loans are borrowings from banks or other financing companies, to buy assets like buildings, or cars, which requires monthly monthly loan principal and interest payments

leases are rental agreement with financing companies (lessors), to lease assets like car or equipment or buildings, for a period of time, say 3 years, and the leasee pay monthly lease payments to lessor

Federal Student Loans: Flexible Agreements with Guaranty Agencies Warrant Careful Evaluation

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What is the best way to pay off student loans more quickly?

Best answer from question by flygirl:

Answer by Judy
If you pay an extra amount with your monthly payment, it should go toward principal. If you just pay a couple days early, it would basically count as your next payment but might save a very small amount in interest.