4 Emergency Financial Resources Every Canadian Student Should Know Before Crisis Hits

Financial crises may hit you at any point along your college journey, and when things go wrong, you’ll be racing to cover surprise charges because normal financial aid just won’t cut it. It’s imperative to be informed about your emergency fund sources beforehand in order to experience true academic success. Here are four primary sources that can be the rescue you require when surprise money woes arise.

Short-Term Financial Solutions

Where government and institutional support isn’t available in time, students may need to turn to short-term monetary options that can promise immediate cash relief. These options, like payday loans, emergency credit products, and alternative lending solutions often work while long-term support is being arranged.

Services like My Canada Payday are one of many instant cash solutions that provide you with emergency funds in a mere 15 minutes once you’re approved. These reputable lenders offer up to $1,500 when you need it most for unplanned medical expenses, spontaneous trips, or necessities that can’t wait for regular assistance to take effect. These options are attractive because of their convenience and speed; you can apply online and get the funds deposited directly into your checking account on the same day.

However, the students must use these solutions with caution. Short-term funding products are fine if you have a definite repayment strategy. Mostly, they work in the intervals between the disbursement of financial aid, for solving one-time needs that don’t repeat, or for managing surprise expenses until the approval of emergency bursary.

Keep in mind that it’s important to call your financial aid office to inquire about turnaround times for emergency funding before you consider using any short-term lending option. Also, ask them if they can make any other arrangements possible.

Emergency Student Aid and Grants

Every Canadian university and college maintains some form of emergency financial assistance program specifically designed to help students overcome unexpected financial crises. These institutional programs are often your first and best line of defense against temporary financial hardships that could otherwise derail your education.

Interestingly, many colleges offer these emergency bursaries that range from $50 to $1,500, usually depending on the institution and your personal circumstances. You don’t typically have to repay them, and that’s fantastic if you’re in a bind. They can cover things that you require, such as food, unexpected medical expenses, short-term accommodation issues, or transport issues that could disrupt your studies.

If you wish to increase your odds of receiving emergency assistance, contact your office of financial aid the minute something goes awry. The majority of institutions prefer to see that you’ve already submitted and received the highest amount of government aid possible before they’ll assist with emergency funding. Having your finances ready to go, including bank statements, documentation of income shifts, and information on emergency costs, will also make the process go much more smoothly.

Government Emergency Assistance and Crisis Support Programs

Apart from your institution, governments at different levels offer emergency financial aid directly to those students who experience severe financial emergencies. Such funding options tend to go unnoticed since they’re provided by different departments and under various qualification guidelines.

Provincial governments have separate emergency funding streams for post-secondary students who are confronted with sudden financial emergencies. For instance, British Columbia provided $3.5 million for emergency financial aid to students at public post-secondary institutions, over and above existing support schemes. These non-repayable funds can be used for living costs, food, transportation, computers, and other essentials for those students who can’t study at home during emergencies.

In order to apply for these funds, you have to work directly with your institution’s financial aid office, serving as an intermediary between students and government emergency funds. Students should also remember that these programs usually require them to use up all the other resources first, like family help, job money, and school aid, before they can get government emergency assistance. However, if you manage to qualify, these programs can really give you some important cash to get through those tough times in your school life.

Food Banks and Essential Services Support

Food insecurity affects a significant portion of Canadian students, with many schools operating individual campus food banks and emergency aid programs. These programs offer short-term relief from the bare essentials while students deal with financial crises.

The good thing is that campus food banks have now evolved quite considerably, and even provide students with full-service offerings, such as grocery gift cards, meal vouchers, emergency personal care packages, and referrals to community services. Most are considerably, no-questions-asked, and usually require nothing more than a student ID and registration with the current semester.

Endnote

These emergency financial resources are useful but they work best when students learn about them before a crisis strikes. Therefore, it’s vital to improve your knowledge and familiarize yourself with these options to establish a good safety net that enables you to handle unexpected money issues without compromising your studies.