Emergency Student Loans
Nothing can be 100% predicted in this world; markets can collapse and jobs can be lost. Your family may also encounter such an unforeseen problem while financing your college education. So, what should be the modus operandi when you don’t know how you’ll pay for the next semester fees or a sudden student trip which is instrumental for your education? Don’t pack your bags yet, and instead start searching for emergency student loans.
About Emergency Student Loans:
As the name implies, emergency student loans are for emergencies; you suddenly need money for your college expenses and you don’t have the required funds or your financial circumstances have changed drastically before you can submit your Free Application for Federal Student Aid (FAFSA) for reevaluation for the next academic year. You’ve two options:
- College Emergency Student Loans
- Emergency Student Loans offered by Private Lenders
College Emergency Student Loans:
Some colleges have funds set aside for helping their students in case of emergencies. Key features of the emergency student loans offered by certain colleges are as follows:
- Max loan limit is usually $1,000.
- You usually have to be a full time student to be eligible.
- You need to have a genuine emergency; you can’t use the money for personal expenditures such as going back home for spring break; the college officials may require you to submit invoices for money spent on books, student trips, etc.
Private Emergency Student Loans:
It is not necessary that the college in which you’re enrolled offers emergency student loans. Also, you may be enrolled part time so ineligible for such loans at your college. In such a scenario, you’ve to look for private lenders offering emergency student loans. Such lenders do exist and they offer the loan without the need of a credit check. The interest rates are not very high, and they can be further lowered by offering collateral against the loan. The loan disbursal process is quite fast; however, the repayment period is usually one month, but you can also apply for a deferment. Again, make sure you’re applying for the loan for your college as the private financial organizations do check that you’re enrolled in a college.