Emergency loans and crisis funds for college students
Some colleges and universities offer short-term loans or offer emergency financial help that can help students pay their living expenses, which can also help keep students enrolled and on track. The money can be used for bill that a student may face, including off campus rent, utilities, food, transportation, textbooks, school supplies, and other needs. Learn more on how and where college students can get short term, emergency help, whether from a loan or some other program.
These emergency programs are not the same at every school. Some are short-term loans that you must repay quickly, often within 30 to 90 days. Others are grants or funds that you do not have to pay back. The amount of money available and the rules for qualifying are different at each campus. It is always best to contact the financial aid office or student support office at your school to find out what options are available (if any) and how to apply. If it is a loan, many of the loans available have very low interest rates, or they may even be interest free.
How emergency loans and financial assistance for a crisis work
Since there are literally hundreds (if not thousands) of schools that provide short term, emergency loans, the criteria vary widely. Some of the general conditions set by a college may be as follows. Also, in almost all cases the student will always need to be enrolled into a minimum of classes or credit hours to apply.
- Enrollment requirement: You typically must be enrolled at least part time or full time when you apply.
- Proof of need: Schools often ask for documentation that shows why you need help, such as a bill, receipt, eviction notice, need for school supplies, or medical expense.
- Repayment for loans: If the help is a loan, you must pay it back. Note some places provide a grant to help pay bills. Repayment periods are short compared with federal student loans, often 30 to 90 days with some universities extending the dates or some having less time.
- Limited funds: Schools set aside a certain amount of money each year. There was also usually be a general fund created by the university each year, and once the money has been exhausted no further loans will be issued for that particular academic year. Many colleges will set dollar limits based on whether there is a co-signor or if the student has a job or not.
- Uses of money There will often be restrictions. The loans, or the free money which may be possible, can cover many different expenses, other than tuition. Universities will usually allow money to go to housing costs, such as rent or utility bills. Or the money can help a student buy a textbook, laptop or to pay for a lab work while they are waiting on a paycheck from a job, and money can be used for that. Other uses of an emergency loan may be for car repairs, a medical bill, and much more.
- Counseling or budgeting help: Some schools connect borrowers with financial counselors or resources to help manage money and avoid repeated emergencies. They will also review various alternatives to payday loans, stress income opportunities for students, the dangers of credit cards, and other financial matters.
- Processing time frame: The goal is to get the cash to the borrower in as little time as possible. Provided the college approved the application on the first go around, money may be issued in a few business days - but again it varies. However, in general colleges want the student to get the cash in as short a time-frame as possible, as this will therefore help the crisis be resolved.
- Collection policies for these temporary loans: The money does need to be repaid within guidelines. Any student borrower needs to understand this. They do not get a break because of their age, income or the fact they are going to college. If payments are not made, then there may be a denial of future financial aid and the delinquent loan may also be given to a collection agency for pursuit.
Universities that offer emergency loans or emergency aid
A large percentage of colleges have some form of emergency help, but it may be a loan, a grant, or both. Students should always ask their own school first. Examples of schools with published emergency loan or emergency aid programs include:
Angelo State University – Emergency short-term loans are available for tuition and books, and the school also has emergency aid for certain living expenses. https://www.angelo.edu/admissions-and-aid/paying-for-college/emergency-funds/short-term-loans.php.
Arizona State University – Tempe – Offers a short-term emergency loan program. Eligible students may borrow a limited amount per term, commonly around $500, with repayment required within a short time frame.https://tuition.asu.edu/financial-aid/loans/emergency-loans.
Ball State University – Emergency aid is published as grants for student hardship (not an emergency loan program but money is offered). https://www.bsu.edu/about/administrativeoffices/dean-of-students/emergency-aid.
Cal Poly Humboldt – Short-term emergency loans are listed as $50 to $500 for eligible students, with direct deposit options. https://www.humboldt.edu/student-financial-services/humboldt-short-term-loan-program.
Emory University (Laney Graduate School) – Emergency loans up to $1,000 are listed for eligible graduate students, with repayment within 89 days. https://gs.emory.edu/funding/emergency_loans.html.
New York University – Operates a Student Emergency Fund that provides short-term emergency assistance, typically as limited grant aid rather than loans, for students facing unexpected financial hardship. https://www.nyu.edu/admissions/financial-aid-and-scholarships/aid-for-current-students/additional-funding-and-procedures/nyu-student-emergency-fund.html.
Oregon State University – Emergency loans are listed as short-term loans up to $350 for eligible students. https://finance.oregonstate.edu/emergency-loans.
aint Louis University – Emergency funding is available as a grant through a Student Emergency Relief Fund for eligible students, and the school also references emergency loan availability in graduate aid information. https://www.slu.edu/financial-aid/types-of-aid/emergency-funding.php.
Sam Houston State University – The Bearkat Assistance Program is an emergency fund that provides quick financial support (this is not necessarily a loan). https://www.shsu.edu/cost-aid/assistance-program.php.
Texas A&M University – Emergency Tuition and Fee Loans are available to cover required tuition and fees for a short term (commonly up to 90 days). https://sbs.tamu.edu/loans/emergency-tuition/index.html.
Texas Woman’s University – A Student Life Emergency Loan application is published, with restrictions on what the loan can be used for. https://twu.edu/media/documents/student-life-office/Emergency_Loan_Application.pdf.
The Ohio State University – Students facing a financial hardship can apply for one-time emergency financial assistance through Student Advocacy. Assistance is generally provided as aid, not a loan.https://advocacy.osu.edu/emergency-financial-assistance.
UC Santa Barbara – Short-term emergency loans of $200, $400, or $600 are listed, with fees and a 30-day repayment as part of Associated Students. https://www.as.ucsb.edu/resources/emergency-loans/.
University of California, Berkeley – Short-term emergency loans are listed up to $1,720 for eligible students. https://financialaid.berkeley.edu/types-of-aid-at-berkeley/loans/short-term-emergency-loan/.
University of Connecticut – Graduate Student Senate short-term emergency loans are listed up to $2,000 for eligible graduate students. https://gss.uconn.edu/short-term-loans/.
University of Denver – Emergency loans are listed up to $1,500, with limits and repayment terms. https://www.du.edu/student-billing/emergency-loans.
University of Florida – Emergency assistance is offered through Aid-a-Gator. This is emergency grant aid, not a loan, and is intended for unexpected expenses such as travel, technology, or urgent living costs. https://www.sfa.ufl.edu/aidagator/.
University of Georgia – Single-semester short-term loans and other emergency support funds are available to eligible students. https://busfin.uga.edu/finance-division/bursar/students-parents/bursar-loan-servicing/loan-servicing-forms/single-semester-short-term-loan/.
University of Maryland Global Campus – Emergency financial assistance has been offered through the Student Aid Fund for Emergency Relief (SAFER). This program provides grant based support rather than loans and availability depends on funding. https://www.umgc.edu/current-students/finances/student-aid-fund-for-emergency-relief.
University of Minnesota – Student emergency funds are available, but note that and the older Student Emergency Loan Fund (SELFund) is no longer issuing new loans and is only collecting payments on existing loans. https://onestop.umn.edu/finances/types-financial-aid/student-emergency-funds.
University of Oregon – Emergency loans list a maximum of $300 for up to 90 days, interest free, with an $8 service charge. https://ba.uoregon.edu/student-financial-services/emergency-loans.
University of Texas at Austin – Emergency cash loans list a maximum of $500 and are repaid within 30 days. https://onestop.utexas.edu/managing-costs/scholarships-financial-aid/types-of-financial-aid/loans/.
USC (University of Southern California) – Emergency loans up to $1,000 are listed for eligible students, with repayment expectations and consequences for nonpayment. https://campussupport.usc.edu/students/emergency-loan-application/
Webster University – Emergency assistance is offered to eligible students and may include loans or grants, depending on the situation and campus. https://www.webster.edu/financialaid/resources-policies.php.
Western Carolina University – Emergency loans of $100 or less are issued through student accounts, with a $5 fee and short repayment period. https://www.wcu.edu/discover/campus-services-and-operations/student-accounts-office/student-accounts-policies/emergency-loans.aspx.
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