Emergency financial assistance
Emergency financial assistance, including emergency loans, is designed to help students through an unexpected, temporary financial crisis. By definition, a student's experiences are considered unexpected if he or she did not know that the situation was coming and could not have planned for it.
In the case of a loan, students must have a plan as to how the loan will be repaid. To be eligible for an emergency loan, a student must:
- be enrolled at the University of Saskatchewan when applying for an emergency loan and must have an academic record sufficient to suggest promotion eligibility;
- demonstrate that financial resources are becoming available in order to ensure that the loan will be repaid;
- not have overdue fees or fines—emergency loan funds cannot be used to cover debts from other University departments (e.g., tuition, fees, library fines, etc.);
- have used all available assets and resources to support their education prior to application for an emergency loan; and
- emergency loans cannot generally be used to cover past due bills (e.g., overdue credit card bills, utilities, etc.).
For more information about this program or for other types of emergency financial assistance available to students, please book an appointment by contacting Student Central.
Lines of credit and bank loans
Lines of credit and bank loans are two ways students can borrow money from financial institutions. A student line of credit gives you access to an agreed-upon amount of money that you can withdraw when needed. A bank loan allows you to borrow an agreed-upon amount of money up-front.
Before taking out a line of credit or bank loan:
- Shop around to find a bank/financial institution that offers the best package for you
- Negotiate with your preferred financial institution to match the best offer from a competitor
- Ask for a detailed explanation of the loan terms to ensure you understand all the details, especially repayment terms
- Talk about the interest rate and options for lowering it