Many colleges set aside money to borrow with emergency student loans. In addition, many universities also offer extended payment plans that help defer tuition and dorm payments for a short time. Finally, every student who needs financial help should apply for financial aid no matter how high their income is.
Emergency Student Loan
Many colleges offer emergency student loans for students who need money for typical college expenses such as rent, tuition payment, or to buy textbooks. For example, UC Berkeley offers a student emergency loan of up to $775 to students who have already paid their tuition for the current semester. There are no interest charges, but there is a fee for borrowing the money. In most cases, emergency student loans can be distributed within 24-48 hours or sometimes even the same day. This type of loan would be good for students who need help with living expenses.
Typically, emergency student loans are due within 60 days. Most students use pending financial aid to pay off the student emergency loans. Because financial aid student loan disbursements are often delayed until the beginning of the term, an emergency student loan can help bring in funds sooner for miscellaneous expenses such as buying textbooks.
College Tuition Payment Plans
Colleges and universities often offer college tuition payment plans as well. With a college tuition payment plan, the school divides up the amount owed into several monthly payments. There is usually an administrative fee for the payment plan. In most cases, there are no interest charges. Students whose financial aid has not yet been disbursed can use a tuition deferred payment plan to remain enrolled without paying for their entire college tuition out-of-pocket while waiting for their financial aid to arrive.
College Student Financial Aid and Student Loan Information
Even for those whose student or parental income is too high for need-based financial aid, there are unsubsidized student loans available that do not require a credit check. All students who need help paying for college at all income levels should go to the FAFSA official website to apply for student financial aid. The college will receive the data put into the student’s FAFSA application. The financial aid office will then send student loan information and instructions on receiving loan disbursements.
Although college student financial aid includes grants and scholarships, those funds may be extremely limited especially for those with higher incomes. However, student financial aid loans are plentiful and always available for those who need it.
How to Get Student Loans Fast
These days, it’s very common for a student’s financial situation to be change significantly in a short period of time, even during the semester or quarter. For example, if the parents suddenly suffer a pay cut or become unemployed, the financial aid office can update income information in order to increase the amount of student financial aid. In most cases, the increased financial aid will be in the form of student loans because grant and scholarship funds are usually committed prior to the beginning of the academic year.
Paying for the expenses of college can be difficult, but emergency student loans, college tuition payment plans, and financial aid student loans are available to help meet expenses. But remember that all students loans need to eventually be repaid in full with interest. Students should have a student loan repayment plan. After graduating from college, graduates have options to help pay back their student loans including private student loan consolidations.