When you’re in college any emergency financial situation might screw you over, and become an obstacle to paying tuition costs and other student expenses. There are however a couple of options that can help you get the needed funding. However, some might be difficult to repay.
What Are Emergency Student Loans
Basically, those are short-term loans that are available for college students and are used to cover a personal expense or tuition. If you’re in an emergency situation, where you desperately need extra funds, check and see if your school offers interest-free student loans. If it doesn’t, or you need more than a $500 loan, you might need to search for federal aid or a private student loan.
Are Emergency Student Loans Fast
The processing speed most often varies from lender to lender, and also depends on your school and the basis of your application. You may be able to receive the funds on the day of your application or have to wait two or three business days. It is always a good idea to talk to your financial aid office or a loan provider about the urgency of the matter. If they can’t satisfy your needs, it might be worth considering a personal loan with a cosigner or finding some lenders that look at your grade and not your credit history.
Do You Need a Cosigner to Apply for a Student Loan
If you’re borrowing money from your school or making use of federal loans, you might very well be eligible without a cosigner. But in case you’re considering a private student loan without having a stable income and/or a strong credit history, or you’re an international student, you most likely need a cosigner to apply for an emergency student loan. If you have a bad credit history – seek help from Bad Credit Loans in Michigan.
How to Get an Emergency Student Loan
Private student lenders should be the last place you turn to, so before resorting to those, consider better alternatives like your school, the Department of Education, etc. Use the below guide to find the solution to your situation.
Go to your financial aid office.
A financial aid office should be your first place to look for help, especially if your emergency situation is caused by a natural disaster. Talk to your advisor and figure out what options do you have, which ones are the most fitting, and what steps you need to take.
Check if your school provides emergency student loans.
In most state schools you might find programs that will let you borrow money without interest fees that you can use to cover your needs. Such emergency student loans can be the most affordable solution for students who have to credit history or a steady full-time job. They do have some special features though:
- You can only borrow up to $500 each semester
- No interest and no administrative fees are charged
- You have to pay them off in 30 to 60 days
- You have to be an enrolled student with satisfactory academic progress in an emergency situation.
Gain access to any unused federal student loans.
Try and remember if you’ve filled out the Free Application for Federal Student Aid. If you haven’t – do so and then ask your school’s financial aid office if you’re eligible for more funds. It’s not a fast option, as federal aid is often delayed, but it is better for those who can’t pay off an online fast loan in a few weeks, as it just will be added to the federal loan balance.
Ask a financial aid office to reevaluate your needs.
This way you might qualify for more funds if you’ve used up all the federal financing in your current package. Again, it will take time, but in the end, you won’t have to repay if you get something like a scholarship or work-study.
If nothing else is available apply for a private student loan.
This way you can get a large sum which you won’t have to repay until after graduation. Private student loans, however, tend to be much more expensive than funds from schools or government. They also might require a cosigner for a borrower to meet all the necessary criteria. Many student lenders out there don’t advertise this option, so you have to contact them to check and see if they offer it and whether or not you’ll be eligible. If your credit history is not up to par, visit Bad Credit Loans in Minnesota.
What Alternatives Do You Have
As it was already said emergency student loans get tricky and risky and might get you in an even worse financial situation than the one you’re currently in. Therefore, look for alternatives before settling on borrowing any money.
- Seek grants and scholarships for students that are struggling financially. Most universities, colleges and private schools have a variety of options that differ in terms of an available amount and the qualifications that have to be met.
- Make use of food pantries if you can’t afford a meal plan.
- Get help from a non-profit organization. There are different kinds of them, helping students in particular situations.
- Ask your school for an extension on your tuition. If you know that you’ll have money soon, but cannot come up with an adequate amount now, it may be a good idea to try and get an extension or set up a payment plan that you can currently afford.
If you’re a student facing emergency expenses – you’re not alone. There are always ways to get out of the rut, even though some might be available to you and some might not. Do your research and ask your financial office for help in order to better your situation.