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After Navigation
Home Student Loans Private Student Loans Emergency Student Loans
  • Contents
  • What Are Emergency Student Loans?
  • How to Get an Emergency Student Loan
  • Emergency Student Loans Programs
  • Types of Aid You May Receive
  • Emergency Federal Student Loans
  • Emergency Student Loans Without a Cosigner
  • Emergency Private Student Loans
  • Best Private Parent Loans for College
  • Keep Reading

Emergency Student Loans

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By Edvisors Network
Updated on July 31, 2023
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What Are Emergency Student Loans?

Emergency student loans exist to help students avoid interruptions to their education. Though the circumstances for seeking emergency student loans vary by individual, it's a frequent enough need that according to a study by NASPA, a national student affairs organization, 70% of two and four year schools have emergency aid programs in place. These programs are intended for urgent and short-term help to prevent students from leaving school due to unforeseen financial hardship.

Common causes for emergency student loans include:

  • Death in the family
  • Loss of a job/reduction in expected income
  • Natural disasters such as hurricanes and tornados
  • Loss of funds allocated for college expenses
  • Underestimating college costs
  • Pandemic
Key Takeaways about Emergency Student Loans

  • Emergency student loans are available to college students to help avoid interruptions to their education.
  • Emergency loans are available as long as they don’t exceed your cost of attendance minus other financial aid received.
  • Emergency student loan amounts typically small (less than $1,000) and may have short repayment period of 30-90 days.
  • To qualify you generally need a credit score of 680 or above or a creditworthy cosigner.

How to Get an Emergency Student Loan

If you’re looking to handle your financial emergency with a private student loan, after discussing options with your school, it’s time to look for a lender. We make it easy to find a lender. Simply enter your school in the box below to see if any of our partner lenders work with your college.

You may apply for private student loans at any time throughout the year. You will need to qualify for the private student loan, which generally means having a credit score of at least 680, a good debt-to-income ratio, and at least two years of employment history (or apply with a creditworthy cosigner). Funds will be certified by your school (to make sure you don’t exceed you cost of attendance minus other financial aid received) and then disbursed directly to your school. If you have an outstanding balance with your school your loan will be applied to those charges first, and then refund the remaining amount to you.

But How Much?

Fill out your loan details and calculate what your monthly payment will be.

Emergency Student Loans Programs

When you’re in need of an emergency student loan, you need money fast. If you find yourself in a situation where you do not have enough money to pay for college related expenses, the first thing you should do is contact your school’s financial aid office. They are there to assist you. Sources of emergency aid include:

  • Your college or univeristy
  • Non-profit and educational organizations
  • The state in which you attend college
  • Federal aid program, including emergency funds made available due to national emergencies
  • Private student loans

Types of Aid You May Receive

There are several types of aid your financial aid office may be able to assist you with. Let’s review the most common.

Non-Financial Assistance

Non-financial assistance may come in the form of vouchers. Colleges may offer aid through textbook vouchers for students who are struggling to afford their textbooks, or with food vouchers for local food pantries to help ensure students struggling to make ends meet are not food insecure.

Emergency Grants

Most grants are need-based, such as the Federal Pell Grant. There are also emergency grants available for students affected by COVID-19. If you’ve been affected by COVID-19, talk to your financial aid office about possible grant funds that may be available for you. Your school may also have affiliations with individuals and non-profits that fund emergency grants for your school.

More>>> College Planning in a COVID-19 World

If you are unable to find emergency grants through your school, it may be worth looking to outside organizations. For example, UNCF offers a variety of emergency aid available to students at member institutions to ensure low-income students can continue their studies uninterrupted.

Emergency Student Loans from Your School

Most public universities have an emergency student loan program in place. The qualification, application and repayment requirements will differ from school to school and are determined by the college. Here are some things you will want to ask about your college’s emergency student loan program.

What is the Borrowing Limit?

Emergency student loans are typically awarded in small amounts (think $1,000 and under, though this can vary by university). These loans are not meant to cover large expenses, but rather smaller financial emergencies that pop up which could prevent a student from continuing with their education.

What is the Repayment Period?

The repayment period will be determined by your school, but it is typically a relatively short period of time, such as 30 to 90 days. If you receive an emergency student loan from your school, they will provide you with the repayment terms.

Learn more about Student Loan Repayment Options

What is the Interest Rate?

Some emergency loans are interest free, meaning you will only need to pay back the amount you borrowed and no interest will accrue on the loan. Other loans may charge an interest, but this rate is typically low. There may also be a small service charge to process the loan.

Emergency Federal Student Loans

Federal student loans may also be available to you in an emergency situation. If you did not accept all of the federal student loans you qualified for, contact your financial aid office.

Emergency Direct Loans

If you did not accept all of the subsidized and/or unsubsidized student loan funds available to you through the Direct Student Loan program your financial aid office may be able to release these additional funds to cover your expenses.

Emergency PLUS Loans

If you have maxed out your subsidized and unsubsidized loans through the federal Direct Loan Program, and you still need assistance you may look at applying for a PLUS loan. These loans are available to graduate and professional students as well as parents of dependent undergraduate students who wish to help their children pay for school.

Emergency Student Loans Without a Cosigner

If you haven’t borrowed up to your annual maximum limit you can ask if you have additional eligibility for the rest of the annual limit. Undergraduate student loans such as Direct Subsidized and Direct Unsubsidized Loans do not require a cosigner.

Emergency Private Student Loans

Another option for emergency aid is to apply for a private student loan. Private student loans come with either a fixed or variable interest rate and flexible repayment terms. If you qualify for a private student loan, the funds will be disbursed directly to your school. Roughly 90% of undergraduate students will require a cosigner in order to borrow a private student loan.

Best Private Parent Loans for College

College Ave Student Loans

Recommendation
Best for Private Loans
Repayment Terms

5, 8, 10 or 15 years2

Interest Rates

Variable rates as low as: 5.29% APR1

Fixed rates as low as: 4.41% APR1

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.41%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision
  • Applying with a cosigner can increase your chances of getting approved and could result in a lower interest rate

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 09/13/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

10-15 Years6

(undergraduate)

Interest Rates

Variable Rates: 6.37% APR - 16.70% APR1

Fixed Rates: 4.50% APR - 15.49% APR1

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 6.37% APR - 16.70% APR. Fixed Rates: 4.50% APR - 15.49% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 3x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2022, instant credit decisions were provided to 97.8% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on the percentage of borrowers who were approved for an undergraduate loan with a cosigner compared to the percentage of borrowers who were approved for an undergraduate loan without a cosigner from October 1, 2021 through September 30, 2022. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 08/25/2023.

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

5 , 7 , 10 and 15 years

Interest Rates

Variable: 4.98% APR - 12.79%APR1

Fixed: 4.48% APR – 12.29% APR1

Apply Now More Info
Sallie Mae Private Student Loans
  • Prequalification: Prequalify to estimate your rate without affecting your credit score
  • Online Application Process: Submit online application in minutes
  • Flexible Repayment Options: ELFI offers immediate, interest only, partial payment, and fully deferred repayment options
  • No Fees: No application fees, origination fees, or prepayment penalties
  • Low Rates: Fixed rates from 4.48% to 12.29% and variable rates from 4.98% - 12.79% 
  • Award winning Customer Service: Individually paired Student Loan Advisor to guide you through the application process

*Education Loan Finance is a nationwide student loan provider offered by Tennessee based SouthEast Bank. ELFI is designed to assist students financially with receiving their education. Subject to credit approval. See Terms & Conditions. Interest rates current as of 04-01-2023. Variable interest rates may increase after closing but will never exceed 18.00%. Interest rates may also differ from the rates shown above. The term of your loan, financial history, and other factors, including your cosigner’s (if any) financial history can affect the interest rate. For example, a 10-year loan with a fixed rate of 7% would have 120 payments of $11.61 per $1,000 borrowed. Rates are subject to change.

 

Ascent offers loans that power bright futures

Recommendation
Best for Private Loans
Repayment Terms

5, 7, 10, 12 and 15 years

Interest Rates

Variable rates as low as: 6.03% APR1

Fixed rates as low as: 4.48% APR1

Apply Now More Info
Ascent offers loans that power bright futures
  • AFFORDABLE variable rates starting at 6.03% APR with Automatic Debit Discount*
  • 1% CASH BACK Graduation Reward*
  • NON-COSIGNED option may be available for undergraduate juniors and seniors.
  • PAY AFTER LEAVING SCHOOL – Customize your loan with flexible repayment options – start payments after graduation.
  • FORGET FEES – No application, origination or disbursement fees. No prepayment penalty if you choose to pay your loan off early.
  • COVER UP TO 100% of your tuition and eligible living expenses.

* Ascent's undergraduate and graduate student loans are funded by Bank of Lake Mills or DR Bank, each Member FDIC. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations; and terms and conditions may apply. For Ascent Terms and Conditions please visit: www.AscentFunding.com/Ts&Cs

Rates are effective as of 9/01/2023 and reflect an automatic payment discount of either 0.25% (for credit-based loans) OR 1.00% (for undergraduate outcomes-based loans). Automatic Payment Discount is available if the borrower is enrolled in automatic payments from their personal checking account and the amount is successfully withdrawn from the authorized bank account each month. For Ascent rates and repayment examples please visit: www.AscentFunding.com/Rates

1% Cash Back Graduation Reward subject to terms and conditions. Cosigned Credit-Based Loan student must meet certain minimum credit criteria. The minimum score required is subject to change and may depend on the credit score of your cosigner.  Lowest APRs require interest-only payments, the shortest loan term, and a cosigner, and are only available to our most creditworthy applicants and cosigners with the highest average credit scores.  

The minimum amount is $2,001 except for the state of Massachusetts. Minimum loan amount for borrowers with a Massachusetts permanent address is $6,001.

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Interest Rates

Variable rates as low as: 5.99% APR (with autopay)*

Fixed rates as low as: 4.44% APR (with autopay)*

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 5.99% APR to 14.03% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.44% APR to 14.83% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*

*UNDERGRADUATE LOANS: Fixed rates from 4.44% to 14.70% annual percentage rate ("APR") (with autopay), variable rates from 5.49% to 13.97% APR (with autopay). GRADUATE LOANS: Fixed rates from 4.99% to 14.48% APR (with autopay), variable rates from 5.99% to 13.97% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 14.83% APR (with autopay), variable rates from 6.32% to 14.03% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 08/31/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Earnest Private Student Loan

Recommendation
Best for Private Loans
Repayment Terms

5, 7, 10,15 or 20 years

Interest Rates

Graduate Rates

Fixed: 4.42% - 12.62% APR1

Variable: 5.66% - 13.52% APR1 

Undergraduate Rates

Fixed: 4.42% - 15.90% APR1

Variable: 5.39% - 16.20% APR1 

Apply Now More Info
Earnest Private Student Loan
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2
  • Apply over the phone with the Client Happiness Team
    • Call 866-492-1222, Monday through Friday, 5 A.M. - 5 P.M. PST
    • Mention us when you call in to start your application

This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.67% APR to 16.15% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.64% APR to 16.45% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

 

1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 07/20/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

 

Apply with a Creditworthy Cosigner

If you decide that a private student loan in the right course of action for you, you will likely need a creditworthy cosigner. A creditworthy cosigner is another adult that will be equally responsible for your loan should you be unable to pay. Many students use a parent or other family member as a cosigner, but it can be any trusted adult that meets the following criteria:

  • Stable employment with at least two years of employment history
  • No recent bankruptcies
  • The minimum credit score required by the lender
  • Acceptable debt-to-income ratio

To learn more about cosigners, check out 5 Things to Consider Before Seeking a Cosigner.

Keep Reading

Best Private Student Loans for September 2023

How to Pay for College Without Financial Aid

Tuition Payment Plans

Academic Scholarships

How to Find Scholarships

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Writing and Proofreading Scholarship Essays

 

 

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Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

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