Searching for the best Nursing student loans in 2024?
Since the Covid 19 pandemic, there has been an increased demand for nurses. As such, it has risen to be among one of the highest paid professions, so if you’re passionate about the health sector, you may want to look into taking a career as a nurse, but even with the money in this field, you’ll need to be a certified nurse in other to benefit from the industry as such you might be wondering how to pay for your tuition and settle other basic needs through your year of schooling.
If that has been your concern, we’ve got good news for you; the good news is that, unlike some other degrees, nursing school students benefit from many of the same types of student loans as other undergraduates. Many forgiveness programs are specifically geared toward nurses, making federal student loans a particularly strong option for nursing students, especially the Public Service Loan Forgiveness Program.
Are you thinking about pursuing a nursing degree but don’t have enough funds? Are you worried about how to cater to your needs while schooling? Do you need to borrow more than the government allows for federal loans? Then you need to carefully peruse this piece because, in this article, we’ve outlined the 10 best student loans for nursing school.
Let’s delve in.
Table of contents
10 Best Nursing Student Loans of 2024
1. Federal direct student loans
If you’re looking for student loans for nursing school that come with flexible repayment options that will not require a credit history or a co-signer and then you can consider looking into Federal direct student loans because they offer one of the best student loans for nursing school, they provide loans to students who need money to pay for college and federal loans. They’re the only way to get Public Service Loan Forgiveness.
Federal direct offers subsidized and unsubsidized student loans, which the federal government offers. They do not collect interest while in school or during deferment.
2. Direct PLUS Loan
Direct PLUS loans offer student loans for nursing school, and they are more like private loans. They require a credit check for parents but come with fewer repayment options.
The interest rate for federal direct PLUS loans is 6.28% for 2024-2024. There is also an origination fee of 4.228%, which is deducted from each loan disbursement. Students are advised to take out Direct PLUS loans to pay for graduate school only after they’ve borrowed the maximum in unsubsidized federal direct loans.
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3. Chicago Student Loans by A.M. Money
If you’re looking for a loan lender based on academic performance rather than credit history and a lender who doesn’t need a co-signer,, then a Chicago student loan might be your plug. They offer loans to students who don’t have a co-signer but have a strong GPA and attend one of the schools A.M. Money partners or works with.
Everyone approved gets the same fixed interest rate benchmarked yearly to federal parent PLUS loans. From 2020-21 the rate is 5.30%.
When borrowers graduate and begin paying back their loans, A.M. Money also offers an income-based repayment option for up to 36 months, making them one of the best lenders of student loans for nursing school. To be eligible for an A.M Money loan, you must be a U.S. citizen or permanent resident who attends one of the schools that A.M. Money partners with,
4. Avenify
Avenify offers income share agreements to students pursuing nursing degrees within 12 months of graduation. With Avenify, you can receive up to $15,000, which is less than some other private ISAs, making Avenify one of the best lenders of student loans for nursing school as such, if you need a little extra funding to complete your nursing degree, then you can look into Avenify. Avenify says its average income share is 3.99%, but rates have gone as high as 7.5%, which can significantly affect the total repaid.
5. RISLA
The Rhode Island Student Loan Authority, known as RISLA, is a nonprofit state-based agency that refinances student loans and offers loans to undergraduate, graduate students, and parents. Its loans are available nationwide and best for borrowers who may need wiggle room on payments in the future. Risla offers Income-based repayment plans, with forgiveness after 25 years, making it rank among the list of top lenders of student loans for nursing school.
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6. Ascent
Ascent is built around one guiding principle, and loans should expand your possibilities, not limit them. Ascent’s nursing college loans consist of private student loans with cosigners or without for those attending undergraduate and graduate programs. If you’re seeking to transform your career at a boot camp or an accelerated-learning program, you can look into applying for Ascents boot camp student loans for nursing school.
With Ascent, you can complete your loan application in minutes and check your prequalified rates without impacting your credit score. Interestingly they also offer resources and applications to help you thrive in school and beyond.
Ascent is one of the best lenders of student loans for nursing school, which is why they are awarded Best Private Student Loan; and offer affordable rates and auto-pay discounts.
7. Grad PLUS Loans
Grad PLUS is a federal loan lender that offers student loans for nursing schools available to graduate and professional nursing students. They offer a fixed 6.28% interest rate for the 2024-2024 school year with flexible loan limits. To qualify for a Grad PLUS Loan, you must not have an adverse credit history.
The Grad PLUS Loan has a current origination fee of 4.228%, which is deducted from your loan amount before any funds are sent to your school. The annual borrowing limit is your Cost of Attendance (COA) minus other financial aid received.
8. Stride
Stride’s low-cost funding offers an innovative alternative to traditional loans that maximizes affordability and goes the extra mile to ensure students’ success.
Stride ISAs are uniquely designed to support students pursuing their Nursing BSN or MSN in healthcare career paths. Unlike traditional federal nursing student loan providers, they provide short repayment periods and individualized attention to each student to ensure they get both an affordable education and the soft skills necessary to navigate their future.
With Stride, you stand to enjoy:
- No payments when you make below the minimum threshold
- Personalized rates
- Easy application
- Short repayment
They provide rates based on the Nursing degree programs you’re pursuing, not your current earnings or ability to find a co-signer. As such, Stride offer as low as 2.0% per $10,000 funding, making it rank among the list of best lenders of student loans for nursing school.
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9. Discover
Discover offers student loans for nursing school but to be eligible for a nursing school student loan under Discover, you need to be enrolled at least half-time in a health profession graduate program at an eligible school.
You must be making satisfactory academic progress as defined by your school and also be a US citizen, permanent resident, or international student as International students; a consigned is required a co-signer.
How much can I borrow with Discover?
The minimum amount you can borrow from discover is $1,000 for each loan.
They certify and disburse loan amounts through your school, so you do not borrow more than you need per year. You can borrow up to 100% of your school-certified cost of attendance (including tuition, housing, books, and more) minus other financial aid.
Discover offer a variable rate of 1.87% – 5.87% APR.
Fixed Rates 3.99% – 6.99% APR
10. Sallie Mae
Sallie Mae is a loan lender committed to offering competitively priced private student loans. Sallie Mae’s private student loans for college have 0% origination fees or prepayment penalties.
They also offer Smart Option Students Loan, which is available to undergraduate students attending degree-granting institutions and can cover all school-certified expenses for the school year, including fees, books, housing, supplies, meals, travel, and other costs.
Smart Option Students Loan customers can make monthly interest-only or a $25 fixed payment while in school or may decide to defer payments until after school.
The Sallie Mae Smart Option Student Loan also offers:
- Full-year borrowing
- Repayment flexibility
- Study Benefit
- Cosigner release
FAQs
A variable interest rate may change quarterly during the life of the loan if the 3-Month LIBOR changes.
Federal nursing school loans are loans for nursing students offered by the federal government rather than private lenders. Current federal nursing loan options include:
Direct subsidized loans
Direct unsubsidized loans
Grad PLUS loans
Yes, Nursing students qualify for Public Service Loan Forgiveness (PSLF), which includes Federal Direct Subsidized Stafford Loans and Federal Direct Unsubsidized Stafford Loans.
Well, the best loan for you will depend on your financial need and planned degree program. There are various types of student loans for nursing schools.
For undergraduate students, it’s generally best to start by taking advantage of federal Direct Subsidized Loans first, followed by direct unsubsidized loans.
For graduate or professional students, Direct unsubsidized loans, a Grad PLUS loan, or HRSA nursing student loan is often the next best step.
A Stride ISA generally lasts 5-7 years from funding based on your graduation date. The repayments stop after 60 months of payments.
Conclusion
As the year passes, there will be a continuous demand for nurses, so if you’re passionate about making a career as a nurse, this is an opportunity to position yourself by earning a nursing degree and mint the market.
But if you’re worried about getting proper funding, then all you need to do is look at any of these borrowers among the best lenders of student loans we’ve listed, check the one that suits your thirst, and apply.
We hope this article has given you insight on how to advance your nursing career by sourcing either federal or public service loans. Cheers to a better you!
Reference
- https://www.forbes.com/advisor/student-loans/best-nursing-school-loans/
- https://www.nerdwallet.com/best/loans/student-loans/nursing-student-loans
- https://www.credible.com/blog/student-loans/nursing-student-loans/
- Photo Credit: www.pixabay.com
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