Student loans don't always give you enough money to get by in college, especially when times are hard. Even if you also have a part-time job, some students need more money than they have right now. If you're one of these students, you might want to think about getting a student hardship loan. Here are some tips on how to get a student hardship loan if you want to learn more.
What is a loan for hard times?
A student hardship loan is a loan that helps students who are in serious financial trouble because of things that were out of their control. These loans started in 1998, and you can get one if you have already taken out the most money you could from a student loan. You can ask to borrow anywhere from GBP100 to GBP500, which you will have to pay back. You can only apply for a hardship loan once per school year, and you have to do it one month before the end of the year. The student services office at your university is where you can apply for the loan.
Who can do it?
How bad your financial situation is will determine if you can get help. Hardship loans are usually only given to people who have no other way to pay and would have to stop living if they didn't get the loan. You will have to prove that you don't have any other options and that you really need the loan. Your university or college will decide if you can get the loan or not. If you do well, you can use the loan to pay for books, travel, or everyday costs.
Repayment terms
A hardship loan is paid back the same way you pay back your student loan. The amount will be put directly into your bank account by the Student Loans Company, and you will pay it back along with your student loan.
Troubled money
A hardship fund can be used instead of a loan when times are tough. These hardship funds are also for students who are in real financial trouble, but they are usually given as grants and don't have to be paid back. Whether or not you are eligible depends on your financial situation and whether or not your course is eligible for a hardship fund. If it does, you can apply for between GBP500 and GBP3500, which can be given as a lump sum or in payments over time. Hardship funds are usually harder to get and are usually only given to the students who need them the most.
Alternatives
If you can't get a loan or fund to help you out of a tough spot, you might want to look into other ways to get money. This could be a solution if you can work more without letting your studies suffer. For short-term help, you could also get a credit card or ask your bank for an overdraft extension. If none of these things work, you might have to borrow money from friends or family and save as much as you can until things get better. However, if you are in genuine need of money, you are likely to be accepted for a hardship loan or fund by your university.
