Education

How to Get Emergency Student Loans at the Last Minute

Updated on October 13, 2023

Written by

Frank Gogol

Written by

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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Reviewed by

Rohit Mittal

Reviewed by

Rohit Mittal

Rohit Mittal is the co-founder and CEO of Stilt. Rohit has extensive experience in credit risk analytics and data science. He spent years building credit risk and fraud models for top U.S. banks. In his current role, he defines the overall business strategy, leads debt and capital fundraising efforts, leads product development, and leads other customer-related aspects for the company. Stilt is backed by Y Combinator and has raised a total of $275M in debt and equity funding to date.

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At a Glance: For urgent student financial needs, consult your school’s Financial Aid Office and explore federal loans. Check scholarships, grants, and part-time work. Utilize Benefits.gov for federal assistance and 2-1-1 helpline for local resources. Charities might provide emergency funds. Always research, seek guidance, and consider long-term impacts.

You’re a student in need of some cash and you need it as soon as possible. Well, you shouldn’t worry because emergency student loans are here to save the day! In this guide, we’ll walk you through everything you need to know about getting those last-minute funds when you’re in a pinch.

In This Article

What Are Emergency Student Loans and Who Offers Them?

Emergency student loans are a financial aid option for students hit by unforeseen expenses. Often provided by schools or certain banks, they’re crucial when sudden issues arise, such as a malfunctioning laptop. While they offer timely assistance, they come with the obligation of repayment, often including interest. Always assess your repayment capacity before opting for one.

How to Get an Emergency Student Loan

Here’s how to get an emergency student loan:

1. School’s Financial Aid Office

If faced with delayed student loans or sudden expenses:

Seek an advance on your loans, small grants, or emergency loans from your school.
If there’s a change in your financial situation, request a professional judgment to possibly modify your initial financial aid.

Some institutions offer specific emergency loan programs. For instance:

Emory University: Students can get up to $1,000, interest-free if repaid within 89 days.
University of Houston: Offers interest-free emergency loans up to $500, with repayment periods ranging from 30 to 45 days.

Emergency Loan Options:

Emergency Direct Loan: If you declined part of the Direct Loans initially, you can request the remainder in times of financial difficulty.
Emergency PLUS Loan: Available if you’ve maxed out other Direct Loans. Useful for undergrad parents or graduate students.

2. Federal Emergency Grant

The Higher Education Emergency Relief Act offered funds for pandemic-affected students. Though no new funds are being distributed, check with your school if they still have any available funds for issues like housing or course materials.

3. Federal Government’s Database

Browse Benefits.gov for federal and state assistance programs, covering needs from housing to emergency cash relief.

4. 2-1-1 Helpline

Operated by United Way Worldwide, 2-1-1 connects you to local resources. For example, in Florida, they might connect Seminole State College students to the Destination Graduation program, assisting with emergency expenses.

For any assistance, always communicate with your school or local resources to get guidance tailored to your situation.

How to Get Other Quick Funds and Support for School

Navigating the financial hurdles of higher education? While emergency student loans are an option, there are a plethora of alternative solutions to consider:

Federal and Private Student Loans

Federal Loans: No credit checks for undergraduates. They’re available for both tuition and living expenses. The standard repayment term is 10 years, with some income-driven plans extending up to 25 years. To access these benefits, ensure you submit your FAFSA early.
Private Student Loans: Often covering up to the entire cost of attendance, these loans can be a lifesaver in urgent situations. Before diving in, use tools like ELFI’s “Find My Rate” to gauge potential rates without impacting your credit.

Scholarships and Grants

These are attractive options, primarily because they don’t require repayment.

Research opportunities related to your study field or personal circumstances.
Some specific scholarships to consider include those for Black and African American Students, Latinx and Hispanic Students, Women, Grad Students, Adopted or Foster Care Students, and International Students.

Work Opportunities

Part-time employment can be an excellent way to ease financial stress. Seek on-campus jobs that offer flexible schedules. Alternatively, consider off-campus jobs within a manageable distance.

Government and Charitable Assistance

Government Programs: Investigate programs tailored for financial assistance. Programs like Temporary Assistance for Needy Families (TANF) or the Supplemental Nutrition Assistance Program (SNAP) can be a great help during tough financial periods.
Charitable Organizations: Many charities and foundations have emergency funds. These entities might offer grants or guide you to other resources.

Additional Support

Food Pantries: Struggling with food expenses? Campuses often have food pantries. External organizations, like Feeding America, can help locate food banks in your vicinity.
Tuition Payment Solutions: If you’re anxious about tuition deadlines, some institutions might offer payment extensions or create customized payment plans. Always communicate with your financial aid office in advance.
Voucher Programs: These can be valuable for specific costs, like housing or academic materials. Your school’s financial aid office is usually the best point of contact for such programs.

Remember, in times of financial difficulty, the key is thorough research and timely action. Seek advice, compare options, and always aim for the most sustainable choice for your circumstances.

Are Emergency Student Loans a Good Idea?

You’re probably wondering, “Are emergency student loans too good to be true?” This is a valid question to have as a student. While these loans can be a lifesaver, they come with their fair share of drawbacks. Here are the main ones:

Higher Interest Rates

First and foremost, emergency student loans often come with higher interest rates compared to traditional student loans. So, while they may help you in the short term, the long-term financial burden could be significant. It’s essential to consider your future financial plans and ability to repay the loan before diving headfirst into this temporary fix.

They Can Affect Other Types of Financial Aid

Additionally, emergency student loans may impact your eligibility for other forms of financial aid. So, if you’re relying on scholarships or grants, be sure to double-check how taking on an emergency loan could affect your overall financial package.

Ultimately, whether an emergency student loan is a good idea for you or not depends on your specific circumstances. It’s worth weighing the benefits against the potential pitfalls and considering alternative options before making a decision.

Final Thoughts

As you can see, emergency student loans are a viable option for those in need. Just remember to tread carefully, consider the long-term implications, and always explore alternative forms of assistance. Good luck, stay calm, and may the financial forces be with you!

Frank Gogol

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