Information on Emergency Student Loans

Not many people have actually heard of the 'emergency student loans' that are available, however it is a good idea that you learn about them, because you never know, maybe one day you will end up needing one for yourself.

About the Emergency Student Loans

The basic purpose of these emergency student loans is to provide students who need financial aide and who are late with their loan application. They can thus be incredibly helpful, however they are not encouraged, as the point is for you to try and make sure that you get your application form in on time with the regular student loans if you can.

Eligibility Requirements

There are eligibility requirements with these emergency student loans, just as with any other type, and they are as follows: to be eligible for emergency loans a student must have been accepted for enrollment and be enrolled on at least a half-time basis at the institution; to be eligible for the emergency student loans a student must be facing an emergency situation; and loans to eligible students shall be granted on the basis of the order in which the institution receives the application.

The Advantages

There are many advantages and positive aspects that come from that attaining of these loans, particularly - and rather obviously - that they enable the students to be able to attend the postsecondary education that they were planning on, and so thus this is incredibly positive. However, there are some drawbacks and disadvantages that come with these types of loans as well.

The Disadvantages

One of the biggest disadvantages to these loans is that you typically have to pay a higher interest rate when you repay the loan, and so although you are gaining from receiving the loan, you are going to end up being out more money than you would have otherwise by getting this type of loan. Another of the biggest disadvantages is that you generally have a much shorter grace period of repayment.

This means that you have less time allocated to you to repay the loan, and so you are going to be forced to come up with the money a lot sooner than you would have otherwise.

The best idea then is to try your hardest to get your application form for financial aid in as soon as you can, so that you will not have to worry about going through for an emergency student loan or anything of the sort.