How college students can get emergency financial aid

The cost of higher education is no small sum, especially for those who are already struggling to juggle studies with bills and other expenses. If you’re a college student who’s in a tough financial spot, there are resources available.

A few types of emergency cash assistance for college students include emergency student loans, food programs and housing assistance. There are also relief options for student loan borrowers to get even more breathing room.

Types of emergency financial aid

There are several types of emergency financial aid for college students. Each option may have different application requirements, and some may have quicker funding timelines than others. Consider each of these options in your search for emergency cash assistance for college students.

Emergency student loans

Some schools may provide emergency loans to students with pressing financial needs. Just keep in mind you must repay them. So, even if you qualify, it’s important to make sure that you understand the loan terms and are able to repay the debt once payments become due.

You might also have access to aid you qualified for but didn’t accept when you filled out your Free Application for Federal Student Aid (FAFSA). If your financial circumstances have changed since you submitted your FAFSA, you may also be able to update your application and possibly receive additional federal student loans.

Timeline: Varies by school. Talk to your financial aid office to find out your options and their timelines.

How to apply: Visit your school’s financial aid office to discover if you have any additional options for student loans — emergency or otherwise.

Food programs

The Supplemental Nutrition Assistance Program (SNAP) is a federal nutrition program that provides electronic benefits you can use like cash to buy food. Even if you didn’t qualify for these benefits in the past, you might be able to use them now.

Aside from federal benefits, your school may offer short-term solutions. Some schools will provide dining vouchers or food pantries for students without funds to purchase food.

Timeline: You will receive SNAP benefits within 30 days if you are approved. If you apply for emergency SNAP benefits, you will receive them within seven days.

How to apply: Visit the USDA website to learn more and fill out an application for SNAP benefits in your state. You can also reach out to your local SNAP office and your school’s financial aid office for additional assistance.

Housing assistance

About half of college students experience housing insecurity, and yet most colleges and universities don’t have options for housing assistance. If you need a place to live, you can ask your school’s housing office or student affairs department if there are any on-campus rooms or residency programs for unhoused students or those going through housing insecurity.

If your school doesn’t have this type of program, it might be able to refer you to other resources. Local nonprofits, shelters or another alternative solutions may be available.

Timeline: Depends on the type of assistance.

How to apply: Start by asking your school’s housing office what on-campus assistance programs are available. If your school can’t help you, look into local nonprofits.

How to find the right emergency financial aid

While there might be multiple financial aid options available, it’s important to find the option that best fits your needs, so take your time researching the different options available to you. Your college financial aid is the best place to do this. They may even have financial aid counselors who can walk you through your options and help you make a decision on aid options.

When you look at each option, consider what you need and what your budget is. Each factor involved can help you make the right decision for your needs.

• How quickly do you need assistance?
• Do you meet all qualifications for the aid type?
• What do you need to apply?

These answers can help guide you toward the best financial assistance option to get you the financing you need.

Relief options for student loans

If you’re currently enrolled in school, there’s a good chance that you aren’t required to begin paying off your student loans yet. Most federal student loan payments will remain in a deferment status until you graduate. Some private lenders, however, require you to begin the repayment process immediately after loan disbursement.

Check with your lender or consult your loan agreement for details on your individual loan repayment requirements. If you have student loan payments due that you can’t afford to pay, there may be some other ways to find temporary financial relief.

Private student loan borrowers don’t always enjoy the same benefits as federal student loan borrowers, but your lender might offer you a hardship forbearance or other loan relief options on a short-term basis if you can’t currently afford to keep up with your payments. Reach out to your lender as soon as possible if you are experiencing financial challenges that could affect your ability to repay your debt as promised.

Career-based loan forgiveness

You could be eligible for debt relief programs through your job. If you work in the public sector, you could qualify for loan forgiveness and debt relief.

The Public Service Loan Forgiveness covers government employees, forgiving their loans after ten years of service. There are also other career-based loan programs for those in fields like public service, education, medicine and the military. If you work in these areas, consider programs like Teacher Loan Forgiveness, Loan Forgiveness for Nurses, Military Student Loan Forgiveness and the Students to Service Program for medical students.

Factors to consider before taking our emergency financial aid

Emergency aid can be a lifesaver when you’re a student in a financial bind. Yet there are a few drawbacks you should keep in mind as you research your options.

You’ll need to meet eligibility requirements to qualify for loans and emergency grants for students, as well as other types of financial aid. Even if you qualify for any of the hardship grants, it may not be large enough to meet all of your immediate financial needs.

Federal and private student loans may offer you more cash — and possibly a lower rate — but you’ll have to repay the money you borrow at some point in the future. Before you can qualify for private student loans, a lender will want to check your credit and income.

Next steps

If you’re facing a financial crisis, don’t wait to ask for help. Your school’s financial aid office in particular can be a great resource to either provide you with some immediate relief or help you find resources to weather the storm.

The financial aid office might not be your only stop. Check with your housing and student affairs departments to see if they can offer any resources as well. Your circumstances might make you eligible for different types of programs or benefits that you’re not aware of yet. If you’re struggling, don’t push it aside. There are people who want to help you find the right path to get out of your tough situation.