There is no much difference : it is the same visa (short stay Schengen visa), but the supporting documents wouls be different. If she applies for a visa as a tourist, she would have to present hotel bookings; if she applies for a private visit, she would have to present an "attestation d'accueil" that you would have to sign in a town hall in France. However, foreigners may also come to France for a private visit and stay in a hotel.
As she would obviously stay at your place, and as it is always better to say the truth to visa officers (the probability to obtain a visa is higher; and if the visa applicant lies and the consulate realises it, the visa applicant is black-listed), I would recommend her to apply for a private visit and to explain her intentions.
The consulate will probably examine her present academic situation to asses the seriousness of her intention to study in France.