Corona Aid For Students: Quick Solutions

Covid-19 has already reshaped global higher education and the way it is delivered to students. Many universities have closed their doors for the time being and rapidly shifted their teaching methods to e-learning, whereby students are learning through online classes and webinars on digital platforms. However, this sudden shift is not expected to last too long, with universities continuing to accept applications for the upcoming year. This, on the other hand, poses some serious challenges to the majority of students across the globe who are concerned about the ways they can finance their education. Students who finance or co-finance their studies are expressing their concerns as they face a financial emergency. Luckily, during the pandemic people have shown that they can work together to help each other, and many opportunities for financial aid have surfaced for those who have been affected by it. Below we have gathered a list with sources of financial assistance for students who are in the search of quick solutions that will help them get a chance for a higher education.

Federal Governments Supporting Students Impacted By The Pandemic

Since the Covid-19 response measures have caused financial hardships to many on a global scale, students are now left with more questions than answers about their future studies. With many students and parents losing their jobs, finding financial assistance for tuition and accommodations fees as well as standard living expenses revolving around the student life has become a real struggle. Therefore many governments within and outside of Europe have decided to take urgent measures as a means of supporting students in their pursuit of an academic degree.

The Federal Government of Germany, for instance, has decided to take action and assist students in need with additional non-bureaucratic financial aid. The latter can be especially useful since in Germany two-thirds of students work alongside studying (the number of international students working alongside their degree is even higher). To address this issue, Anja Karliczek, the Federal Education Minister, has announced plans for an interest-free loan that could help students during these exceptional circumstances. Current and prospective students with German citizenship will be able to apply for a loan of up to 650 EUR per month from the beginning of May 2020. International students who are also affected by the current crisis will also have the chance to apply for an interest-free loan from July 2020 until March 2021. In Austria, the Ministry of Education has decided to extend the deadlines for study and family allowances while continuing the payment of grants. Other examples of governmental help across the world include temporary suspensions of the monthly payments on all loans related to education, as well as direct negotiations with the university sector for the introduction of special relief packages that would support local and international students.  

Most Ministries or Departments of Education have come up with plans for student financial support based on the severity of the consequences that Covid-19 has brought to the particular country. While some countries have waived tuitions fees, others introduce different schemes for financial support. The easiest way to learn about the latest updates is by checking the government’s website of a particular country or contacting the university where you are currently enrolled or wish to be enrolled in.

Banks Offering Help To Students Affected By Covid-19

Students financially impacted by the Coronavirus can also seek for payment assistance from their own or other banks. In these hard times of despair, numerous banks have changed their policies or implemented new ones in the attempt to help their clients. Although the policies may vary depending on the bank, the most common measures include deferral programs, waiving of late fees, no charges on skipped payments, zero interest rates, and others. Students who have taken private student loans might be eligible to defer, pause or modify their payments for a certain amount of time without any late fees. Some banks in Germany, for example, like the KfW bank have launched promotional loans that grant students who have been affected by the coronavirus response measures a fixed monthly payment regardless of their income and that of their parents. These loans are also at an interest rate of 0% applicable for a year ahead and will become available to international students registered at a German address as well as of June 2020. These and many other opportunities can be found easily once you contact the bank you have an account with or any other bank that is offering financial solutions.

Universities Helping Students With Their Financial Dilemmas

While the Coronavirus measures have affected the daily activities and social lives of many, most universities across the world have tried not to deprive students from their right for higher education. Despite the new measures that have been rapidly implemented in students’ curriculum, there is increasing doubt among students on the way their education will continue after the pandemic is over. Therefore, most higher education institutions around the world have decided to put students first while getting creative with emergency funds. Although the latter is a relatively new concept for the world of higher education, some universities have already established such emergency grants for students who are experiencing unexpected events such as housing loss, car accidents or death in the family. Since the Coronavirus outbreak, these funds have been used by some higher education institutions to cover essential aspects of a student’s life like housing support costs, food costs, storage costs, utility bills and others. Other universities have come up with new schemes for grants that can be used for housing, supplies, tuition fees or even technical equipment.

The University of Zurich (UZH), for instance, has decided to take action following the growing number of requests from students in financial need since the beginning of the exceptional situation. UZH is now helping those who are affected with an amount ranging between 1,000 CHF and 6,000 CHF upon request. Those who receive up to 3,000 CHF will not have to repay the loans, however those who receive anything beyond that amount will eventually have to repay within two years of completing their degree with a 0% interest fee. This initiative is a follow-up of a similar one launched by the University of Geneva earlier on. What is more some universities have saved additional funds because of travel bans and cancelled events, which in turn has turned out to be a great opportunity for them to redirect this money, increase scholarships and facilitate further students by covering certain expenses like application or orientation fees.  

Since there is no specific database outlining the support available from all universities, we strongly recommend that you first check the websites of your university for more information on the financial aid available and the eligibility criteria for it.

There are many ways from where students can receive financial support to fund their future studies. Aside from the federal loans there are also the so-called private loan provided by private student loan lenders. While there are so many benefits for a governmental loan, such as 0% interest rates or no fees for skipped payments, these often do not apply for private student loans. Yet, there are still several opportunities for students who want to receive some financial relief on their private loans. Those who have lost their jobs due to the Covid-19 measures might be able to pause their payments for as long as three to twelve months or even longer. Often the easiest way to do so is to call your student loan servicer and ask for flexible student loan repayment options such as lowering your interest rate temporarily or switching to an interest-only repayment. Another possibility would be for one to refinance one’s student loan by getting a new one with a lower interest rate. These options might not be applicable for every private loan provider, which is why students should always aim to contact a representative from the particular company of interest or from their current provider. In addition, it is advised that before signing up for any new loans, refinancing or any other changes to a current contract one familiarizes oneself with the financial terms like interest rate and fees, repaying period, etc.

The unemployment insurance (UI) is another alternative for people who have lost their jobs in the wake of the coronavirus measures. Although the rules and requirements for this type of financial aid vary depending on the country, in general its purpose is to relieve the financial burden and provide workers and students who lose their jobs or are unable to work with a certain amount of money on top of a partial wage. This type of financial support has different application requirements in each country, which is why it is strongly recommended for those students who wish to apply for it to check first with the Federal Councils or Federal Employment Agencies if such insurance is being offered in the first place and what the eligibility criteria are for obtaining an unemployment insurance package. In addition, it is important for students to know that due to the high number of applications, this option might not provide immediate relief, which is why those who are affected should start their application process as soon as possible in order to receive some benefits.

While there are ways for students to get additional help for their studies from third parties due to their job loses, there are also other possibilities for them to earn some extra income during the lockdown. Financially, students are worrying mostly about going into debts with their student loans, as well as about the expenses that are related with housing, living and study materials. Yet, there are effective strategies that can be applied by one in the attempt to reduce or cover these expenses. Here are some of them:

Take Advantage Of The Digital Age By Exploring Freelancing Opportunities

An excellent opportunity to earn some extra cash on the side while staying at home is undoubtedly freelancing. With so many possibilities on the digital labor market, one can easily find a full-time or part-time job that can replace equally well a traditional job. Most freelancing offers require basic practical skills like writing, photo or video editing, audio recording, translation, and other skills. If you have any of these, there is a very big chance that you will find something on the Internet since the possibilities are endless. Those who are just starting freelancing, however, should know that it might take some time for them to start earning more than 5 EUR per hour as this type of employment is mostly based on one’s reputation. Students who are new to this could start building their reputation slowly by taking less paid jobs while asking for positive reviews from their clients whenever they are happy and satisfied with the job done. Once you get things rolling, you will soon start moving from one job to another and gradually increase the amount that is being paid to you per hour or per project. The income that students earn from freelancing can significantly relieve their current or future expenses and costs related with their education. Some examples of popular online freelancing platforms include Upwork, Freelancer, and Fiverr.

How Reconsidering Your University Choice Might Help You For Your Future Plans

Prospective students who have not yet enrolled in a particular university could relieve their financial dilemma by reconsidering their university choices. Funding studies abroad or at a private university might turn out to be too difficult in times of global economic crisis. Many students across the world have already expressed an interest towards public higher education institutions as their tuition fees are significantly lower compared to those of the private university sector. What is more, the current pandemic has already increased the number of online degrees offered by many universities that have closed their doors for physical attendance. This has created a wide range of options for students that are usually much cheaper than traditional on-campus programs due to decreased need of resources.

Never Lose Hope: Search The Job Market For New Opportunities

Although some students might be lucky to have found a remote job as freelancers, many others are still facing unemployment, reduction of working hours or even cancellation of paid internships and placements. As much as universities are trying to support students who have been affected by the Coronavirus measures, there is still a large number of students who need to find ways of financing their studies. Therefore many have turned to popular platforms that have plenty of work opportunities offering various types of jobs most of which are in high demand right now despite the economic crisis. Some examples of temporary jobs suitable for students include working in retail, grocery or hardware stores and pharmacies where stocking and delivery staff is needed. Due to the closure of many restaurants, there is a high demand in delivery employees as food delivery services have increased in the past few months. There is also a mass-hiring in warehouse work for big companies like Amazon or Ebay who continue to work at full force especially during the lockdown. Students who currently do not have better options could always look for job opportunities in these or other fields. The best way to find employment opportunities is by visiting platforms like LinkedIn, Indeed or Glassdoor where employers are posting job offers on a daily basis.