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Regardless of your age and life stage, unexpected bills can derail someone’s finances. Unforeseen events can be particularly challenging for college students who don’t have much wiggle room in their budgets.

If you’re a student who’s experiencing financial hardship — or you’re just worried about how to prepare for a rainy day — be assured that help is available to students in need. Emergency financial aid grants are designed to keep students in college through financial setbacks.

We’ll review your options, and the pros and cons of each, so you can feel ready to take on any situation.

Why You Might Urgently Need More Money as a Student

Students are familiar with seeking financial aid to help pay for tuition, school supplies, and other educational costs. However, some expenses aren’t covered by scholarships and student loans.

Emergency financial aid for college students can help cover the cost of:

•   Medical treatments

•   Job loss

•   Rent increases

•   Financial hardship due to COVID-19

•   Replacement technology, such as a laptop or phone

•   Car repairs

•   Loss of athletic scholarship due to injury

•   Loss of child care services

Some of these costs are fairly common, while others affect only a small percentage of students. The common thread: They’re all unpredictable and financially challenging.

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Emergency Grants Available for College Students

Several emergency grant programs are available to assist college students facing unexpected financial hardships. While the federal Higher Education Emergency Relief Fund (HEERF) has concluded, numerous institutions and organizations continue to offer support, including:

•   Achieve Atlanta Emergency Grants: Provides financial assistance to students experiencing unforeseen emergencies that could impact their ability to remain enrolled in school.

•   UNCF Emergency Student Aid: Offers “just-in-time” grants up to $1,000 for students at risk of dropping out due to financial hardships like medical bills or car repairs.

•   Scholarship America Emergency Aid: Administers emergency financial assistance programs in partnership with various organizations to support students facing financial barriers.

•   College Success Foundation Emergency Fund: Provides emergency grants up to $500 per academic year to help students overcome unexpected financial challenges.

•   Institution-Specific Programs: Many colleges and universities, such as Chattahoochee Technical College and Kennesaw State University, offer emergency assistance funds to support students dealing with unforeseen financial difficulties.

In addition to the above opportunities, students are encouraged to contact their school’s financial aid office or student affairs department to inquire about available emergency grant programs and application procedures.

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Financial Support From Your College

Other emergency college grants and support programs can be discovered through your school. These include:

Emergency Tuition Assistance

Emergency tuition assistance is designed to help students stay enrolled in school when they’re suddenly unable to cover the cost of attendance. Assistance might be in the form of a grant, scholarship, voucher, or other relief.

If you’re at risk of dropping out of school because an emergency is making it hard to pay your school bills, ask your financial aid office about emergency tuition assistance.

Emergency Food Options

Inflation is making it harder for everyone to pay for groceries. If you’re experiencing food insecurity, ask your student affairs office about campus food pantries.
This resource can offer non-perishable goods, like dry pasta, legumes, and canned foods, as well as fresh produce and even basic toiletries.

Emergency Housing

Although not many schools have dedicated emergency housing options for their students, it doesn’t hurt to ask. Reach out to your school’s student affairs department to inquire about short-term emergency housing programs that might be available.

If your school doesn’t offer emergency housing, they might point you to external resources, such as local nonprofits and community groups.

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Private Student Loans

If you’ve already maximized the federal undergraduate loans or graduate loans you’re eligible for, a private student loan is an alternative financing option. Private student loans are offered by private lenders, like banks, credit unions, and online financial institutions.

This type of student loan can cover an amount up to the certified cost of attendance, minus the financial aid you’ve already received. Private loans can have fixed or variable interest rates, with rates and terms varying by lender. Keep in mind, though, that private student loans don’t have the same borrower benefits as federal student loans, like loan forgiveness and income-driven repayment, so tread carefully.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

If you’re a student who’s struggling financially due to an unexpected expense or event, help is available. Reach out to your school affairs or financial aid office, explain your situation, and learn about emergency financial aid grants.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What are emergency grants for college students

Emergency grants are short-term financial assistance provided to college students facing unexpected expenses that may disrupt their education, such as medical bills, housing insecurity, food shortages, or transportation issues. These grants typically do not need to be repaid.

Who is eligible for emergency grants?

Eligibility varies by program, but most emergency grants are available to currently enrolled students who demonstrate financial hardship due to unforeseen circumstances. Some may require proof of need or enrollment status.

Where can students apply for emergency grants?

Students can apply through their college’s financial aid office or student support services. National organizations like the UNCF, Achieve Atlanta, and Scholarship America also offer emergency grants that students can apply for online.

Photo credit: iStock/photo

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q225-034

Enrolling in autopay, or automatic bill payments, can make it easier to manage and pay your student loans. Rather than having to make payments every month, autopay does it for you. Your monthly student loan payment comes out of your bank account on time and you don’t even have to think about it.

Autopay has other benefits, too, including potentially saving you money. Read on to learn how automatic repayment plans for student loans work, and why you may want to consider using autopay.

Understanding Student Loan Autopay

When you sign up for student loan autopay, you are authorizing your lender or loan servicer to automatically deduct your monthly student loan payments from your bank account. You are not responsible for sending the payments yourself. Instead they happen automatically on a recurring basis.

This is how autopay works: Each month, your student loan payments are automatically transferred from your bank account to your loan servicer through an electronic payment system. Typically, your loan servicer will send you a notice of payment in advance of every withdrawal so that you can keep track of them. It’s important to check that you have enough money in your account every month so there isn’t an overdraft.

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Key Benefits of Using Autopay for Student Loans

Besides convenience, there are several other advantages of putting your student loans on autopay.

Interest Rate Reductions

One of the major perks of enrolling in autopay is the potential for an interest rate reduction. Many federal and private student loans offer a discount of about 0.25% just for signing up for autopay.

While the discount may sound small, it can add up over the life of the loan.

Never Miss a Payment

If you miss a federal student loan payment, your loan becomes delinquent the first day after the missed payment. With some private student loans, missed payments may result in late fees. Failing to make payments could also impact your credit, which could make it harder to get a credit card or take out a car loan.

With autopay, your student loan payments will be on time. Just make sure you have enough money in your bank account each month to cover the amount

Potentially Help Build Your Credit Score

Making on-time student loan payments via autopay will be reflected on your credit reports and help you establish a positive payment history. Since payment history accounts for 35% of your credit score, using autopay could help build your credit score over time.

How to Set Up Autopay for Student Loans

Most federal student loans offer autopay, and many private student loans do as well. In fact, as you’re shopping for and comparing private student loans, you can check to see if autopay is an option the lenders offer.

You can set up autopay on your loan servicer’s or lender’s website. Simply confirm that you want to enroll in autopay and provide all the relevant information, including your bank account number and routing number. By default, autopay may be set to pay the minimum amount on your loans. If you’d like to increase the amount paid, you can indicate that during the sign-up process.

If you have federal student loans and you’re not sure who your loan servicer is, sign into your account at StudentAid.gov and scroll to the “My Loan Servicer” section. There, you’ll find your loan servicer’s name and contact information. If you have private student loans, go to your lender’s website to enroll.

You can also set up autopay for student loan refinancing. Simply follow the same instructions as above.

Recommended: Refinancing Private Student Loans

Potential Drawbacks to Consider

While there are benefits to using autopay for student loans, there are also some disadvantages to consider.

•   Making just the minimum payment: By default, autopay is often set to deduct the minimum student loan payment each month. If you’d like to pay more every so often to try to repay your debt faster, you’ll need to log into your account and change the payment amount.

•   Overdrawing your account: Unless you’re diligent about making sure there are enough funds in your account each month, autopay can make it easier to end up with an overdraft. This could result in your bank charging you overdraft fees.

•   Not catching payment mistakes: With automated payments, it’s easier to forget to check your account, which means you may miss errors. For example, your loan servicer might apply a payment incorrectly. Be sure to keep track of your student loans to help ensure that you spot — and correct — any mistakes.

Making the Most of Autopay for Student Loan Management

An automatic repayment plan for student loans can be a great way to stay on top of your student loan debt so that you don’t miss a payment. But don’t just set up autopay and forget it.

Instead, review your account regularly to stay on top of your balance and check for any errors. And increase your payment amount when you can — just log on and change the amount. Making extra payments over time can help you repay your debt faster.

The Takeaway

Whether you have federal or private student loans, or you’re doing a student loan refinance, autopay is an easy and convenient way to make sure your loans are paid on time every month. Autopay is simple to set up and many lenders offer an interest rate discount just for doing so.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

FAQ

How much can I save with an autopay interest rate reduction on my student loans?

Autopay typically allows you to save about 0.25% on your student loan interest rate. The discount may seem small, but over time, it can add up.

Can I change my autopay payment date if needed?

Yes, you can change your auto payment date. To do it, contact your loan servicer’s customer service department by phone or email and be sure to include your account number. Note that this kind of change request may take three to five business days to process. Your new due date will become effective during a future billing cycle, so ask your loan servicer for written notification of the date.

What happens if I don’t have enough funds in my account?

If you don’t have enough funds in your account, you’ll likely face an overdraft fee. Your bank might also decline the transaction and charge you a non sufficient or insufficient funds fee. Try to stay on top of your account to make sure you have enough money in it before your payments are due.

Do all student loan servicers offer interest rate discounts for autopay?

Many student loan servicers offer interest rate discounts for autopay. The discount is typically about 0.25%. Check with your loan servicer or lender for more information.

Can I use autopay for both federal and private student loans through SoFi?

SoFi does offer autopay for private and refinanced student loans. However, things work a little differently with federal loans. Because SoFi is a private lender, a borrower would need to refinance their federal student loans first in order to use autopay. Just be aware that refinancing federal loans makes them ineligible for federal benefits like deferment and income-driven repayment plans. To set up autopay, simply log into your SoFi account and click on “Set Up” on your Loan Summary page.

photo credit: iStock/Igor Alecsander
SoFi Student Loan Refinance
Terms and conditions apply. SoFi Refinance Student Loans are private loans. When you refinance federal loans with a SoFi loan, YOU FORFEIT YOUR ELIGIBILITY FOR ALL FEDERAL LOAN BENEFITS, including all flexible federal repayment and forgiveness options that are or may become available to federal student loan borrowers including, but not limited to: Public Service Loan Forgiveness (PSLF), Income-Based Repayment, Income-Contingent Repayment, extended repayment plans, PAYE or SAVE. Lowest rates reserved for the most creditworthy borrowers. Learn more at SoFi.com/eligibility. SoFi Refinance Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.