Emergency Student Loans: What They Are and How To Get Them

Financial hardships are difficult for anyone. But when you're in college, the situation can be even more dire. In addition to everyday living expenses, the rising cost of higher education adds to the challenge of making ends meet. The average tuition and fees alone in the 2024-25 year were $11,610 at public in-state colleges and $43,350 at private universities, according to the College Board.

Emergency student loans might be able to help. Here's what to know about these loans and how to get one.

What are emergency student loans?

Emergency student loans are just what they sound like: student loans to be used in a financial emergency.

Maybe you lost your job and need help covering the cost of room and board for the rest of the semester. Perhaps your parents are dealing with medical bills and can no longer contribute to your school costs. Whatever the reason, emergency student loans can bridge the gap while you get back on your feet.

Emergency student loans typically are only for small amounts (think $500 to $1,000) and need to be repaid fairly quickly, unlike traditional student loans, which have much longer repayment terms. Sometimes you don't even have to pay interest, as long as you repay the money within a certain time period.

Federal emergency student loan options

There aren't any federal student loan programs that are specifically for emergencies. However, you may be able to borrow more in federal student loans if needed.

“Federal student loans are provided by the Department of Education and are typically planned and disbursed throughout the academic year,” says Kemia Himon, director of financial aid at McDaniel College. “However, if a student hasn't yet reached their annual or aggregate borrowing limit, they can apply for additional funds through their school's financial aid office.”

You might also be able to have your parents apply for a parent PLUS loan, which could give you more money to use toward your education if they qualify.

Emergency loans from colleges

Many schools also offer in-house emergency loans in small amounts. Many of these are interest free, meaning you will only have to repay the amount you borrowed as long as you do so in the amount of time agreed to when you borrowed the money.

“Some colleges and universities offer internal emergency loan programs designed to provide short-term financial relief to students facing unexpected financial hardships,” Himon says. “These loans are typically smaller in amount and meant for immediate, urgent needs.”

At the University of Houston, for instance, students can apply for emergency student loans up to $500. To qualify, you need to provide documentation of the emergency (such as an eviction notice or repair estimate), be enrolled in at least six credit hours, and have no delinquent debts with the school. You also need to fill out a request form and complete and sign a promissory form.

Other colleges offer similar programs, though the exact process and requirements to qualify vary. At George Mason University, you can apply for an emergency loan of up to $1,000, and at the University of Virginia, students can apply for up to $1,250 per semester.

Private emergency loans for students

Private student loans can also be an option in a pinch. While they typically aren't branded as “emergency loans,” many come with quick application and approval processes, which can help if you have an urgent need for funding. You can apply for them at any time during the school year.

You'll find these loans through various banks, credit unions, and online lenders, like College Ave, Earnest, ELFI, and others. Just be aware: “Those typically require good income and credit — or a cosigner,” says Jack Wang, a college financial aid advisor at Innovative Advisory Group.

Private lenders tend to offer more flexible repayment terms and larger loan amounts than other emergency options, but they typically charge higher interest rates, too, Himon says.

Current private student loan rates

Alternatives to emergency student loans

Loans aren't the only option you can explore if you find yourself strapped for funds. In addition to emergency student loans, some schools also offer other forms of emergency aid.

“If a student has an emergency need for education funds for other obligations, many colleges will have established protocols to help students,” says Stacey MacPhetres, senior director of education finance at Bright Horizons. “In some cases, they may have emergency funds available that they can lend to students for books, supplies, rent, utilities, or food insecurity.”

At McDaniel College, for example, private donors help support an Emergency Relief Fund for students in need. “Students can access it through the financial aid office,” Himon says. “This fund provides small grants to support students experiencing an unanticipated emergency.”

Nationwide organizations like UNCF also offer emergency aid options, and you can look into crowdfunding or reaching out to friends and family for help, too.

Another option: Ask your financial aid office about setting up a payment plan or changing your payment due dates if covering tuition is a challenge.

“Depending on what funds are needed for, one way to buy time to pay tuition is to enroll in the college's monthly payment plan,” Wang says. “Colleges typically allow three to five payments per semester and do not have prepayment penalties. Students can enroll and be required to pay a smaller amount and buy time to pay off the balance.”

Tips for managing financial emergencies in college

If you find yourself in a financial emergency while in school, emergency loans can help. Just make sure you create a budget that will help you repay those funds when it comes time. You should also know exactly what costs you need to cover to minimize the amount you borrow.

“Avoid borrowing more than necessary,” Himon says. “It's crucial to have a clear understanding of the exact amount needed and to limit borrowing to the minimum required.”

Once you're back on your feet, make it a point to start stowing away some cash in an emergency fund. You can then tap these funds should you find yourself in a bind again.

Finally, communicate with your school's financial aid office as soon as you know there's a problem.

“The financial aid team can provide comprehensive guidance on all available options and help students make informed decisions about their financial needs,” Himon says. “Helping students is why we work in financial aid, and financial aid professionals are eager to support students in pursuing their degree.”