Emergency funds

If you find yourself in a real jam, several options are available to get money fast. Any kind of "fast money" will have consequences, such as higher interest rates and financially crippling terms. In most cases, you can avoid this situation by having a budget category for an emergency fund. Set aside money for the times when, despite your best intentions, you have an emergency arise.

Student fee supported loan

The SELFund (Student Emergency Loan Fund) is a temporary, short-term emergency loan that must be paid back in full within 120 days (approximately 4 months). If a complete application is received by 2p.m. on any day office hours are held, a decision will be made by the next day office hours are held.

  • Loans range from $100-$600
  • 8 percent interest per year, compounded daily
  • $10 in fees ($5 is a non-refundable application fee)
  • A total of $900 is available per student per calendar year
  • One application may be submitted per semester
  • A plan of scheduled payments may be required by SELFund

If your loan is not repaid within the 120-day timeframe, your student account will be placed on hold, preventing your access to future registration, diplomas, and transcripts. The program is supported by student fees charged on your student account each term. To qualify for a SELFund you must prove your need; be currently enrolled; and be credit worthy. Go to the SELFund link above for complete information.

Paid participation in research studies

The Department of Psychology, Elliot Hall, East Bank campus, pays small amounts of money to students who participate in research studies. You may have your reflexes tested on a computer or be a subject for testing hypnosis. The reimbursement is usually in the $5-$15 range. Not a lot, but maybe enough to save you from using credit to meet your most urgent expenses. Opportunities are posted year-round on the first floor bulletin boards of Elliot Hall.

Resell what you no longer need

Try to get a little money by reselling items you never use and might otherwise throw away. Do you own movies you don't watch or music you don't listen to anymore? If you no longer enjoy them, try selling them to a used CD/DVD outlet or set up an account on one of the popular Internet sites that turn your trash into someone else's treasure!

Ask family

If you have no resources to turn into cash, you may be wise to ask your parents for help, in the form of a "rainy day" loan. Promise to pay back the amount borrowed in a specified time, or sign a written, legal contract that defines repayment terms. Consider repaying by bartering your time or skills, in lieu of cash. Offer to do house cleaning, lawn care, or computer maintenance.

Beware the loan sharks

Have you seen ads promoting "Quick loan approval! No credit check required!?" BE CAREFUL! Remember, there's no cost effective means of getting money fast. The easy loan will always cost you dearly. The best solution is to plan ahead before you get stuck in a money crunch. But if you find yourself in a bind, apply for the University's SELFund if at all possible. Payday loans and check cashing can land you in deeper, more serious money trouble than you started with, jeopardizing your education and reputation.