Most people attend college to make their life better by either positioning themselves for a higher income, a more satisfying career or both. Unfortunately, the need for a higher income is just as strong while attending college as it is after graduation.
According to the National Center of Education Statistics, nearly 40 percent of full-time and 75 percent of part-time college students ages 16 to 24 were employed. Of those working students almost 25% are working between 20 and 40 hours each week. It’s clear that today’s college students work hard for their education, but sometimes financial emergencies spring up that demand more than what a part-time job can provide.
Emergency Money for College Students
Financial emergencies can be an overwhelming event for most young college students. It’s typically embarrassing and many students feeling they are the first or only person on campus to have money troubles. An unfortunate, yet common, way of dealing with these troubles is procrastination. This only delays the situation until the situation becomes untenable and usually worse.
Here are a few places where students may be able to find cash in a hurry:
- Check with any clubs or organizations. Religions are one of the best places for help if a student has a short term financial emergency. Other clubs and organizations may also have a small emergency fund.
- Talk to the financial aid office. Financial aid will be able to guide students through any available loan options.
- Reach out to professors and department heads. They have seen emergencies happen over the years and know that life happens. It’s not uncommon for academic departments to have small scholarships or emergency funds available.
- Credit card loans. Most credit cards can be used for cash, but the interest rate is high and it’s easy to fall behind in payments.
- Payday loans. These short term loans are available for students that have a steady job. The upside is quick access to cash. The downside is high interest rates and penalties if the loan can’t be quickly paid back.
- Apply for a credit card. Students with good credit may be able to get a credit card and use it for cash. Just like the no credit check loans, it will need to be paid off quickly to avoid expensive fees.
Don’t be afraid to ask for help as soon as possible after a financial emergency arises. These tips can help college students during an emergency, but it’s critical to begin working on a solution immediately after a problem reveals itself.