With the Dow dropping a record 778 points, Fannie Mae under FBI investigation and banks cautiously abstaining from giving private loans,getting funding for higher education has become harder than ever. Yet, withsome savvy internet searching and a keen eye, you can find a low-interestgovernment loan program or a reasonable personal loan that will suit your needswithout cleaning your pockets.

One of the more well-known government loan programs, theStafford Loan is a loan guaranteed through the US Government, which makesinterest rates lower while assuring the lender that all money will bereimbursed. Although there are some requirements and limitations on the actuallending amount, it packs a respectable 8.5% interest rate and nearly allstudents are eligible regardless of credit history.

Also of interest is the Federal Perkins Loan, which carriesa fixed interest rate of 5% and no accrual of interest until the repayment ofthe loan begins. Although the loan amounts are not as considerable as a privateloan (ranging from $4,000 to $40,000), the government is very lenientconcerning credit history and willing to contribute to furthering education.

If you’re still a bit short after exhausting all of yourfederal loan options, don’t get discouraged. Acquiring a private loan is still feasible;just follow a few simple rules and keep your best interests in mind.

A good starting point for jumping into the private loan poolis finding a cosigner. A parent, sibling or friend with a higher credit scorecould make the bank lean in your favor. However, keep in mind that you mustmake all payments on time. You don’t want your generous benefactor ending up inhot water right along with you.

Also, it is of the utmost importance to choose the rightlender. Pick a bank on strong financial ground that offers loans at a reasonableAPR (Annual Percentage Rate). Don’t be afraid to shop around and make sure theloan you apply for suits your income. Specifically select a loan that includes areasonable payoff date and inexpensive monthly payments. This can help you stayup-to-date on bills and away from the dreaded world of debt.

If you stick to your guns and refuse to be taken advantageof, you can be successful student on your way to a degree and a considerable credit score boost.