Crisis Financial Aid
Crisis financial aid, including crisis loans and grants, 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 a crisis loan, a student must:
- be a registered student at the University of Saskatchewan
- 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
- have used all available assets and resources to support their education prior to application for a crisis loan
Crisis loans are not intended to cover overdue fees and debts from other University departments (e.g., tuition, student fees, residence fees, library fines, etc.).
For more information about the types of crisis financial aid 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