4 Ways College Students Can Handle Financial Emergencies
College is expensive, especially for students that want to live on campus. Plus, college is a new experience for many students in that they have to handle their own money. So, it’s not surprising that many college students find themselves in financial emergencies from time to time. Take a look at these four ways to handle your financial problems in a hurry.
Ask to Borrow Money from Family
The first place you should try to get emergency money is from family members. This might be a parent, grandparent, or any other relative that you know well. Your family knows that college costs a lot of money and most will help if they have the means to do so. So, suck up your pride and let your family know you’re in need. Plus, you can pay them back one day when you land a high paying job because of your college degree. If you do get a family member to make a donation to your college expenses, make sure they know it might be tax-deductible.
Apply for Emergency Financial Aid
Of course, if you’re like most people, you don’t come from a family that can help you out with college financially. That’s why colleges have a financial aid department. When you find yourself in a bind, you can visit the financial aid office and apply for an emergency loan. Most colleges have these programs and they can help you with either long-term or short-term loans.
When you apply for any type of loan through your school, you have to fill out a FAFSA and maintain a minimum GPA to qualify. So, if your grades are lacking, you might have to look elsewhere to solve your financial emergency.
Take Out a Payday Loan
If you truly have a financial emergency, you can turn to a payday loan company. They let you borrow money to hold you over until your next paycheck. It’s easy to qualify and you can get money fast. For instance, you can go to a website like http://www.
Get Your First Credit Card
Another place you can turn is to a credit card. Most people will advise you to avoid owning a credit card for as long as possible. However, college is a great time to get your first one. It will help you take care of financial emergencies, as long as you use it responsibly. Of course, you’ll want to pay the money back as soon as possible to avoid getting a lot of interest tacked on to your loan.
Do you have any other ideas for overcoming financial emergencies In college? What have you done yourself?
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