DOLLARS FOR SCHOLARS: Resources for College Students Who Need Financial Help.
So it's happened again. The car you've had half a dozen problems with has finally decided not to start. Your aging laptop's battery has finally given up the ghost. The cold months of the year approach and your flimsy windbreaker is no longer sufficient. Unfortunately, all of your money has gone to rent and ramen noodles. Where can we find that small bit of spending money to handle these emergency expenses? Your family's just short of being able to send money, and financial aid's not very generous recently. Lucky for you, there's plenty of resources to get those quick infusions of money for emergency situations.
As a student, finding yourself in an unexpected financial situation doesn't have to be the end of the world. It can feel overwhelming trying to navigate different options for quick financial aid, but you are not alone!
College-Operated Emergency Funds: Many colleges and universities offer emergency financial help to their students in times of crisis. Students should contact their school’s Financial Aid Office for information about how to apply for assistance. Funds are limited and will go to the neediest students for true emergencies. These funds are not likely to help you pay expenses related to study abroad programs, fraternity/sorority dues, or other costs associated with extracurricular activities. For example, USC has a specific emergency loan program through their financial aid office, limited to one loan that can be no more than one thousand dollars per semester.
Crowd-Sourcing Services: You could create a crowdfunding page describing your story and current situation, and with the help of the power of social media, your friends, family members, and even strangers can donate money towards covering emergency costs, books, or other related expenses. There are a number of different sources, such as the ever-trusted Gofundme. If your finances allow for it, consider a peer-to-peer loan source such as Solo, but be aware that you will be expected to pay back what you are lent.
Non-Profit Emergency Grants: Several non-profit organizations have recognized that students may have emergency needs and cannot wait 2-12 months for a scholarship. Like college-operated emergency grant programs, these funds are available only to the neediest students and cannot be used for extracurricular activities, study abroad programs, nor anything else that is not a true emergency.
Government Assistance: Depending on your state of residence, there may be government funded programs that offer financial assistance to students in need. The U.S. Department of Education provides information about state-specific options. Be aware, however, that you will need to fill out the FAFSA (Federal Application for Financial Student Aid) in order to be eligible to receive all aid you require.
Employer Programs: Some employers offer tuition reimbursement programs or scholarship opportunities for their employees. Your manager or friendly human resources staff should be able to tell you if your employer offers one of these types of programs. Be aware that these will vary from company from company.
Don't be afraid or embarrassed to reach out and ask for the help you need—help is there if you know where to look.
