Are you in college and have a money emergency? Fortunately, you don’t have to leave school. Most universities have emergency student loans available for student with real emergencies. Often times these loans are given out on the same day, even within a matter of hours from the time they are applied for. The loan programs are designed for students that need emergency funds when they are having cash-flow issues.
What do you need to do to qualify for emergency student loans? Most students will qualify for these loan programs even if they or their parents make a substantial income. Because these programs are designed for times of crisis the loan process is less stringent. Something to keep in mind about these loan programs is that they are only available when school is in session. The program is not available during breaks.
What are the types of loans given out? There are really only two types of emergency student loans. The first option is a short-term loan for people that need money for less then 4 months. The size of most short-term loans is less then a thousand dollars. The second option for emergency student loans is a long-term loan that can be paid over the course of the year or may even be deferred. These types of loans are often larger then a thousand dollars.
What will emergency student loans cover? One thing to note about these types of loans is that they are created for people in need of emergency money and they do not cover poor planning. Emergency student loans are designed to cove things like, loss of a job, family health crisis where you had to use your college fund, or loss of your house. Frequently, these programs come in handy as loans for single mothers in a crisis or during family trouble. The money can be used for a variety of school expenses, including books, tuition and housing.
Emergency Student Loans
So how do you find these emergency student loans? The first place to start is by going to your schools business office or student financial aid office. There they will have you fill out the appropriate forms. After that they will try to understand the nature of your emergency and assess weather you quality for the loan. If you are granted an emergency student loan you may be subject to some guidelines.
Guidelines for Emergency Student Loans include:
· You may need to maintain a certain GPA
· Most programs require that you are a full time student
· Often you are asked to produce proof of the emergency, such as bill
· Most likely your college will require you to have filled out the FAFSA
These loans can be a godsend when in a pinch, however you should weigh all your options before you take out one of these loans. There is some vary information to know about emergency student loans when you are considering your options. You will be charged interest on these loans, as much as 10%. In addition to interest on all loans, if a loan is not paid back in the specified time or if the loan is late the student can lose school eligibility and can also affect their credit score negatively.