"An emergency or sudden financial demand can leave you broke and needing more college funds at the last minute," according to Student Loan Hero. "'You get to school and something has changed — maybe you've had an unfortunate death in the family, a job loss, or a similar emergency,” said Megan Coval, VP of policy and federal relations for [NASFAA]."
"Whatever the reason you need emergency student loans or financial aid, there is help available. This can help fill the gap in college funding or cover living expenses — and keep you in college and working toward a degree.
Here are your options for an emergency student loan and other urgent student aid.
First things first: Talk to your financial aid officer
When you’re facing hardship and might need emergency aid, head to your financial aid office. 'In that instance, you need to talk to the financial aid administrator,' Coval said.
These financial aid administrators will be the experts on the emergency aid you can get at your school and in your specific situation. A financial aid administrator will know what aid is available and can help you work through your options, including emergency student loans.
... 3 ways to get emergency student loans
Knowing the different kinds of emergency student loans available can help you turn in an application and quickly get funds you urgently need. Here’s an overview of where you could get emergency student loans.
1. Claim federal student loans
First, you’ll want to check your federal aid award packaged. After you filed a FAFSA, the Federal Student Aid Office evaluated your need and approved certain kinds and amounts of financial aid — including student loans.
If you log into your student account with your college, you can navigate to your financial account section that outlines your aid award. You can see if there are any unused student loans or other aid you can claim. A financial aid administrator can also help you find out if you have unused federal aid.
'If you did have that initial eligibility for student loans, the aid administrator can help you draw down on those loans,' Coval said."
NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 11/7/2017