How to Get Emergency Student Loans if You’ve Maxed Out FAFSA

If you’ve maxed out your school’s financial aid and federal financial aid, and are simply in need of a student loan that disburses very quickly, private student loans may be the answer. Applications can be completed online in a few minutes, approval can be instant, and disbursement for approved loans can take as little as two weeks. [Click here for more information.]

If you only need a small amount of money to get through an immediate, emergency situation, then you might look into emergency student loans. The catch is that, unfortunately, this breed of student loan is only available directly from your school—not through the federal government or private student loan lenders.

Table of Contents

1. What are emergency student loans?
2. Steps to get emergency student loans
   1. Step 1: Talk with your financial aid office
   2. Step 2: Claim unused federal student aid
   3. Step 3: File the FAFSA if you haven’t already or your situation has changed
   4. Step 4: Apply for the fastest private student loans
3. Alternatives to emergency student loans
   1. School support
   2. Personal loans
   3. Cash advance
   4. Payment plan or extension

What are emergency student loans?

As mentioned earlier, emergency student loans are offered by college financial aid offices to help students through unexpected expenses and situations that could derail their education.

Emergency student loans usually total $1,500 or less.

Repayment periods are also shorter, at 30 to 60 days.

But, whether the need for cash occurs before or during a semester, you must demonstrate a pressing need. Situations that might qualify you for an emergency student loan may include:

• Loss of a parent
• Dismissal from a job or unexpected reduction in income
• Car repairs
• Medical bills
• Food or housing insecurity
• Natural disaster
• Crime or theft

An unexpected expense can even include covering your tuition payment if you just realized a month before the semester starts that you don’t have enough financial aid.

Steps to get emergency student loans

Step 1: Talk with your financial aid office

Start by reaching out to the financial aid office at your college. After you share the details of your situation, an administrator can walk you through your options.

Come to this conversation prepared with documentation about your financial situation to expedite the process. The evidence you bring should confirm your need for emergency funds. This might include:

• Medical or auto repair bills or estimates
• Reduction-in-force notice from your employer
• Eviction notice or proof of past-due rent
• Police reports following theft or other crime
• Obituary or death certificate

If you qualify for and accept an emergency loan, your financial aid representative can help you understand your funding timeline and repayment obligations.

Step 2: Claim unused federal student aid

The Free Application for Federal Student Aid (FAFSA) could unlock access to emergency funding solutions for you. Ideally, you will have filled one out already, but if not, the government accepts FAFSAs throughout the year.

But what if you already filed a FAFSA and turned down the money, thinking you didn’t need it? You can change your mind. Once you’ve filed a FAFSA, you can accept the funds anytime during the academic year.

If you decide to accept the funds, your financial aid office can walk you through requesting the amount you need. It may also provide an estimate for when your aid will be disbursed. 

Step 3: File the FAFSA if you haven’t already or your situation has changed

You must include a parent or guardian in this process if you are a dependent. After submitting the FAFSA form, you’ll learn about any federal aid available. That includes student loans and grants.

For students with a major change in their financial situation, such as a job loss or the passing of a parent, it’s worth resubmitting your FAFSA to reflect your new reality. Depending on the changes, you might qualify for more aid.

Processing a paper FAFSA form takes up to 10 days, but the online form is processed within five days. After the form is processed, accepting and getting funds will take longer. The exact timeline will vary based on your school.

Step 4: Apply for the fastest private student loans

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How Long Does It Take to Get Private Student Loans?

Last but not least, once all other options above have been exhausted, you can apply for private student loans. The interest rates might be higher than federal student loans, but they can be a solid funding option if you have already hit your federal limits.

The lender should distribute the money to the school within a few days or weeks.

	Application time	Approval time	Disbursement time
College Ave	3 minutes	Instant decision	10 days
Sallie Mae	15 minutes or less	Within 15 minutes	4 – 6 weeks
Earnest	15 minutes or less	Up to 72 hours	3 – 5 weeks

Once your tuition is covered, your school can give you any leftover funds via ACH transfer or check. You can use this remaining money for living expenses or other costs.

Alternatives to emergency student loans

Emergency student loans are a resource for some students, but not all schools offer this opportunity. In other cases, you may have already tapped your available federal aid and don’t have the credit required to qualify for a private student loan.

If emergency student aid and private loans are off the table, these options may be available:

Alternative	What it is	Credit check?
School support	In-kind help from your school	No
Personal loan	Loan you can use for any reason	Yes
Cash advance	Money borrowed from your next paycheck	No
Payment plan or extension	Spread out or delay tuition payments	No

School support

An emergency short-term loan isn’t the only way schools offer their students a helping hand. Many schools provide extensive non-financial assistance for students going through hard times.

You might find on-campus support through tuition vouchers, housing opportunities, bus passes, or food pantries. Even if your school doesn’t offer this assistance, a financial aid administrator may know of off-campus organizations that do.

Personal loans

Although most personal loans require good credit, these could be a viable solution. How personal loans work depends on whether they’re secured or unsecured, but regardless of the personal loan type, you can use the funds for any reason.

If you get a personal loan, be prepared to make payments immediately. And don’t forget to shop around for the best interest rate, or you could overpay.

Cash advance

Many apps—MoneyLion, EarnIn, and Dave, to name a few—let you borrow against your paycheck with no credit check and minimal fees.

Don’t confuse these with payday loans. With cash advance apps, how much you can borrow depends on your earnings, and most companies set a cap of around $750. You usually won’t pay interest, but you might pay a fee or optional tip to use the service.

Payment plan or extension

Contact your financial aid office if you can’t find the funds to pay for a major school cost. It’s unlikely to waive the balance due, but you could qualify for a payment plan or temporary extension. Here is how those options work:

• Payment plans for tuition: Payment plans let you spread out your tuition into affordable monthly or bimonthly payments. Most schools don’t charge interest, but you might pay a service fee for signing up.
• Temporary extension: This is often reserved for extreme cases, such as serious illness or a death in the family, but your school may grant you a tuition extension. Note that an extension delays your financial obligation—it doesn’t resolve it completely.

Even if your college’s financial aid office doesn’t offer payment plans or extensions, it may be able to point you toward a solution. Besides, you can always get creative. Look for other ways to cut expenses or combine these alternatives to drum up the money you need.

Remember: It’s OK to ask for help. Your financial aid office, your school’s counseling center, your academic advisor, and even your resident advisor want you to reach the finish line. Don’t be afraid to lean on them for support. 

The sooner you reach out, the sooner you’ll find a resolution—and the sooner you’ll see that you can handle whatever comes your way.