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Many aspiring college students assume that their dream school is probably too expensive to afford. While it’s true that many top schools can prove cost-prohibitive for some families, getting proper help to avoid default student loans can allow almost anyone to attend their first-choice university without a permanently damaged credit history. Starting the search can be a little daunting simply because of the dizzying amount of options in front of prospective borrowers. Should you go federal or private for a loan? What’s a fair interest rate? How far ahead of time should you apply? These are all good questions to ask when beginning to shop for a loan. The plethora of resources and information available online can quickly answer those queries.

Many experts in the field advise students to seek out federal loans first. This is because federal interest rates often tend to be lower than those from private firms. You also have the advantage of choosing the timeframe for when you’ll pay back the money. The odds are that the more money you’ll need to borrow, the longer you’ll want to have in order to repay it. Ten year federal loans, the most common, have low interest rates but high monthly payments. It’s wise to have the government assess your income level in order to be granted an income-based repayment that takes into account how much you can reasonable afford to pay each month without defaulting.

It’s important to apply for federal loans as far in advance of college enrollment as possible, because there is only so much money to go around any given academic year.