A nursing job is one of the most paid jobs in the world today. Due to that, a large number of students try to make it their career choice. Regrettably, a good number of them watch the trial become fettered, incomplete, and finally abandoned owing to the high-cost implication.
To keep up with the pace and live the dream, we’ll be listing the best loans for nursing students that will help you offset the financial burden and finally put a white robe around your body.
So if your dream is to become a professional nurse and you are worried about how you can fix the high tuition fees and other expenses, a nursing student loans may be the best and easy way to actualize that dream.
I advise you….
Don’t be in a hurry to close this tab because this post will provide you with information about the Best Student Loans for Nursing Students and lots more.
So, carefully read this post word to word without skimming and I bet you, you will be glad you did.
How does Student Loans for Nursing Work?
Basically, the core aim of Nursing student loans is to aid nursing students who want to be professional nurses. These loans are provided by either the Government, Tertiary institutions, and even some nursing schools.
In the same vein, these loans are to help bring more students whether they are financially capable or not into the nursing field.
Interestingly, aside from the nursing loan programs, there are also other loan forgiveness programs available, as well.
However, before you can be eligible for any of these loan programs, you must have being working in the medical field.
Check Out: Earnest Student Loan Refinancing Review: Is Earnest Student Loan Legit or Scam
Best Student Loans for Nursing Students
Currently, there is very high demand of qualified nurses all around the world due to the pandemic that has been claiming the lives of many today. If you are thinking of becoming a nurse, you have chosen the right time to enter the field.
This is because due to the high demand for qualified nurses that is way higher than the available professional nurses, there is a need to help students who are interested in pursuing a career in nursing or any medical field achieve their dream so that they can help out in the health sector.
To that effect, governments, private bodies, and some nursing schools have created a wide range of low-cost loans to meet the educational needs and career goals of health care students.
However, these student loans have low-interest rates and offer flexible repayment plans that often include loan deferral options that give nursing students the time needed to secure a permanent position in the hospital, doctor’s office. or primary care centers.
In addition, many state governments offer loan waiver programs that provide repayment options for licensed nursing professionals who agree to occupy positions in institutions or communities designed to meet critical needs.
Private Student Loans for Nursing Students
As a nursing student, there is quite a number of student loans provided by private organizations and bodies that you can apply for.
These student loans are more flexible than government and state loans. Note, accessibility of these loans is based on your level. For instance, if you are a new student, you can find it a bit hard getting loan, unlike a returning or graduate student.
Basically, Private nursing student loans are a great way to finance your education for a bright future.
However, it is recommended that you have a good understanding of what you are getting and choose the best private student loan based on your financial situation.
One thing you must note is that, every private lender sets its own credit and income ratings, but as a borrower, you are expected to abide by their rules.
You can even choose to start paying the loan right away instead of waiting for the nursing degree to end.
In addition, you could also get a lower interest rate than current federal rates. The major challenge that you will face when going for a private student loan for nursing is Credit history.
But never to worry, that can be handled once you sign up. Once you sign up, you can get a loan easily.
Let’s look at some reasons why Private nursing student loan is preferable, you can call it the advantages of Private student Loans
Advantages of private student loans
Disadvantages of private student loans
When do I need a Private student loan as a Nursing student?
Although Private Student loans are good, the honest truth is that they are not really the best option.
Basically, there are two scenarios where applying for private student loans could be the right choice for you:
It is right you go for a Private student loan if the federal and HRSA Student Loan you got couldn’t fix all your expenses as a student.
If you have qualified for high-interest PLUS Loans which are At 7.08%, you might qualify for a private student loan with a lower interest rate. This could help you save money over the length of your repayment term.
Types of private student loans for Nursing students
There are basically three types of private student loans for Nursing students. They include the following;
1. Guaranteed Personal Loans
Going for this type of loan you must have a solid asset you can mortgage or use as collateral. The opportunity for a person with an asset base is to secure a personal loan with solid assets. For example, home loans can be used to cover the cost of going back to school.
A home loan is taken based on the amount of principal you paid on your mortgage. If you own at least half of your home, you can probably get a large enough loan to pay for going back to school. If you don’t have a home, consider many other assets that can be used to get a loan.
Share certificates, savings accounts, cars, and companies can be mortgaged for a personal or student loan.
2 Unsecured Student Loans
If you do not have a sufficient asset base to provide financing, there are unsecured loan options. These loans will have higher interest rates and the terms of the loan may be less favorable.
On the other hand, most lenders will only need a good credit rating and a reasonable income to get this loan.
Many nursing students will work while attending class. There are options for a nursing assistant, teaching assistant, or hospital administrator to wait for a full certificate. With even a small income attending school, you can keep up with many loan installments.
3. Renewable lines of credit
Working while attending school will also provide an opportunity to renew your line of credit.
If you can reach a high enough credit limit to pay for tuition per semester, then you can pay those fees and pay per semester.
Students using revolving credit lines may need to extend their education for a longer period of time. Note, this type of private loan has higher interest rates which made the financing when it comes to repayment to be very expensive.
Do you need to clear off your student debt this pandemic Period? Read this post on How To Get Rid of Student Loans During The COVID Period
Private Student Loans For Nursing Students Lenders
The following are some private student loan lenders that provide lending services to nursing students who are not financially stable.
Federal Student Loans for Nursing Students
You can also qualify for federal Loan which is the best because of its low-interest rate.
If you want to apply for any of the federal student loans, you must start by completing the Free Application for Federal Student Aid (FAFSA).
Although there are different types of federal student loans for nursing students, the choice should be dependent on your educational status and financial need.
Let’s take a look at some of the Federal Student Loans for Nursing Students
Direct Subsidized Loans
This is one of the federal student loans for nursing students. As a college student who wants to pursue a career in nursing but needs money to do that, you can apply for Direct Subsidized Loans.
With this type of loan, the government covers interest charges while you are in school, as well as during any grace period or deferment period. The original fee is 1.059% while the interest rate is about 4.53%.
In this type of loan also, there is a Standard repayment term of 10 years, with options for income-based and extended repayment plans up to 25 years.
Direct Unsubsidized Loans
Both college students and graduates can qualify for unsubsidized loans, regardless of financial need.
With unsubsidized loans, you are responsible for paying all the interest that accrues on the loan, even while you are in school.
Direct Grad PLUS Loans
With Grad PLUS loans, graduate or professional degree students can borrow up to the full cost of attendance.
Unlike subsidized and unsubsidized loans, Grad PLUS loans also require a credit check. This is one of the federal student loans for nursing students that come with a higher interest rate.
Direct Parent PLUS Loans
Here, if you are an undergraduate student your parents can borrow up to the full cost of the student’s college attendance.
Note, the only problem with this type of federal loan is that it requires a credit check and have a higher interest rate.
Generally, Direct PLUS Loans come with the following interest rates:
- 2019-20: 7.08%
- 2018-19: 7.6%
U.S. Department Of Health Loans For Nursing
The Health Resources and Services Administration (HRSA) is an organization that can help you pay off up to 85% of your student debt as a nurse.
This department also provides funds to participating schools to offer Nursing Student Loans. These loans can be long-term, low-interest loans.
So, if you are a Full-time or disable student pursuing a diploma or an associate, baccalaureate, or graduate degree in nursing you can apply for any of these U.S. Department Of Health Loans.
As of 2024, these loans had a 5.00% interest rate and 10-year repayment term, plus a nine-month grace period where interest doesn’t accrue.
Check out these loans!
Nursing Student Loans (NSL)
Applying for this will provide you with low-cost student loans as a nursing student. To qualify for this program, you’ll need to attend a participating school and provide proof of financial need.
Whether you are pursuing a Nursing diploma, associate, bachelor’s, or graduate degrees in nursing, you can apply for this loan.
Currently, NSL comes with an interest rate of 5% and a nine-month, 0%-interest grace period.
Nurse Faculty Loan Program (NFLP)
Next is the Nurse Faculty Loan Program. This loan program is to help nurses pursuing graduate degrees in nursing to become qualified nurse faculty.
Here you can get affordable nursing school loans at an interest rate of 3%.
Interestingly, one fantastic thing about this program is that it offers partial loan forgiveness of up to 85% of the loan amount over four years.
To qualify for the loan forgiveness, nurses need to obtain full-time employment as a teacher or instructor at an accredited nursing school or health facility after graduation.
See also how to get Student Loans for Living Expenses & Housing
Student Loans for Nursing Students with Bad Credit
Do you have a bad credit history that you are so worried that you might not be able to get student loan as a nursig student?
I have a Good news for you!
There are various student loans in the field of education that you can apply for even with a poor credit history.
Note, these loans are provided by the federal government, state, private organizations, and even some nursing schools to help encourage students like you.
Below is a list of some of these including:
If you have a poor credit history, you can apply for this loan. FAFSA is a need-based loan for federal student aid
However, to apply for this loan, you have to fill a questionnaire about your family’s financial status online.
No matter your financial history, your field of study, or previous academic records, you can apply for this Loan.
This is among the Student Loans for Nursing Students with Bad Credit. And students here sometimes receive a smaller loan amount compared to students with high scores.
Are you interested in pursuing higher education at both the undergraduate and postgraduate levels? Subsidized Stafford loans are available for you.
This is a needs-based scholarship and does not require a prior credit history record.
This is another loan for students with bad credit history. To apply for this loan, you must sign with another family member with a good credit history.
Do you want to get a nursing degree, this loan program will help you financially. These are low-interest loans that can be repaid six months after the grace period from the end of your studies.
Here, you can earn up to $ 4,000 for each academic year.
Pell Grants is a grant, not a loan, and is supported by the federal government.
The decision to award a Pell Grant is based on the applicant’s financial situation, as well as the fact that he/she has entered the College as a full-time or part-time student.
This Loan program is one of the best options for students with bad credit, especially for students who want to get a degree in any of the major related medical sciences can apply for this loan.
It is also a free loan program that repaid after a grace period of twelve months after the date of graduation.
These loans are low interest, non-credit loans supported by the Department of Health and Human Services.
If you are social or financial disadvantages, you can apply for this loan.
These Student Loans for Nursing Students with Bad Credit are supported by the federal government.
If you are applying for a bachelor’s or master’s degree, this loan will really be of help to you. Each year, each student is allocated $ 1,000 and $ 4,000 to cover college expenses.
Do employers help pay student loans for nursing students?
Yes of course.
You know, one major disadvantage you will face if you borrow to support yourself in nursing school is that you will incur thousands of debt in the cause of getting your certificate. This is because the cost of getting a nursing degree is high.
Fortunately, there are many loan waiver programs for nurses. Some of these waivers are provided by the nurse’s employers like PSLF which is a Loan Forgiveness program and the government as well as Government Laon Waiver.
Although these programs are not for all nurses those qualified are well treated.
Some of these Loan Waiver programs include;
- Public Service Loan Exemption Program (PSLF)
- Nursing Corps Loan Repayment Program (NCLRP)
- Government loan waiver
Public Service Loan Forgiveness Program (PSLF)
Once you are able to make monthly payments up to 120 months which is 10 years, this program clears the remaining balance of your federal loan.
To be eligible for this loan forgiveness program, you must be a government and a full-time worker.
See What Happens If You Don’t Pay Student Loans
Nursing Corps Loan Repayment Program (NCLRP)
Another one is the Nursing Corps Loan Repayment Program (NCLRP). This program is majorly aimed at supporting registered and practicing nurses who work in underserved communities at critical shortage facilities.
If you are in this category of nurses, this loan can really help you. This repayment program will pay up to 85% of your unpaid nursing education debt.
On the other hand, if you are working at a qualified facility, you will get 60% of your student loans paid off over two years of employment.
Before you can apply, you must have gotten a baccalaureate or associate degree in nursing, a diploma in nursing, or graduate or doctorate degree in nursing.
In addition, you must be a full-time nurse faculty member at a public or private nonprofit and a U.S citizen.
Government loan waiver
This type of waiver is provided in each states. Some of the states includes, California, Illinois, Alaska, Louisiana, Minnesota, Vermont, Pennsylvania, Montana, and west Virginia.
The states have different criteria and requirements for its application.
Therefore, the wisest thing to do is to find out additional information regarding their state’s forgiveness program as well as federal programs in order to pre-qualify.
FAQS
Yes. The following are some private student loan lenders that provide lending services to nursing students who are not financially stable.
Sallie Mae
Wells Fargo
Discover
PNC Education Loan Center
Citigroup
Commonbond
Lendkey
Credible
Yes of course.
Below is a list of some of these including:
FAFSA
Non-subsidized Stafford loans
Subsidized Stafford loans
Cosigner
Perkins loans
Adverse student loans
Nursing Student Loan Program
Pell Grant
Primary Care Loan Program
There are basically three types of private student loans for Nursing students. They include the following;
Guaranteed Personal Loans
Unsecured Student Loans
Renewable lines of credit
Sources
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