Emergency Student Loans: How To Get Help Fast

Emergency student loans can help you get through a tough time, such as a job loss or unexpected medical crisis. However, they aren’t designed to help you pay for routine school costs. They are usually small loans with a short repayment period. 

This guide explains emergency financial aid options for students who need a quick funding solution for a temporary problem. 

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What are emergency student loans?

Emergency student loans are short-term loans provided by colleges and universities to help students cover urgent expenses, such as rent after a job loss or the deposit on a new apartment after eviction. 

Most schools that offer emergency loans have low borrowing limits, often capping the amount you can borrow between $500 and $1,250. Depending on the college, you may or may not pay interest when borrowing. 

These loans often need to be repaid quickly, making them a stopgap measure rather than a long-term funding solution. 

“When emergency loans are used responsibly, they can bridge temporary gaps without creating long-term financial strain. But, they shouldn’t replace necessary budgeting or long-term financial planning,” says Leslie H. Tayne, Esq., finance and debt expert and founder of Tayne Law Group.

In addition to emergency student loans from schools, private lenders offer student loans that could be used to cover emergency educational costs. Since many private loans offer a quick approval process with disbursements available any time during the school year, private student loans could provide the influx of cash you need with a longer repayment term. 

Where to get emergency student loans

If you need quick loans for emergencies in college, your school’s student financial aid office is the first place to look. The staff can provide information on any crisis student aid available through the school.

The financial aid office might also be able to help you get the moneyyou need in other ways. For example, they might be able to help you request a federal aid advance if you haven’t already reached your federal student loan borrowing limit for the year.

For students looking into private student loans, start by comparing your options across lenders, including banks, credit unions, and online lenders, like SoFi and Earnest. Look for a lender willing to offer you competitive loan terms and a quick loan disbursement.

How to qualify for emergency student loans

Eligibility requirements vary for emergency financial aid offered by schools. Generally, you’ll need to meet the following criteria:

• Enrollment status: You’ll usually need to be enrolled at least half-time to be eligible for your school's emergency loans. 
• Demonstrated financial need: You may need to share documentation proving your need for emergency funds. For example, you could provide copies of a past-due bill notice, eviction notice, or medical bill. 
• Repayment ability: You’ll generally need to have a documented source of funds to repay the loan. 
• Have no ‘flags’ or holds: Many colleges won't loan you money if you already owe the institution for another reason, like late tuition or fee payments. 

How to apply for emergency student loans

The process of applying for emergency student loans might look a little bit different at your school. But, generally, you’ll need to take the following steps:

Alternatives to emergency student loans

Before applying for a student loan to cover emergencies, it’s helpful to consider all of your options. 

“I always say start with the student financial services and financial aid offices,” says Renya Gobel, author of CliffsNotes’ “Graduation Debt: How to Manage Student Loans and Live Your Life.”

There may be grants, payment plans, or last-minute scholarships available, Gobel says. 

If grants or scholarships aren’t on the table, consider looking for another way to cover the emergency expense before turning to a loan.

“Another option is to seek financial support from family or friends who would work out a repayment strategy with you, or to take up a side gig or part-time job to generate income,” says Tayne.