Student loans for nursing students
Nursing was once considered a role that only women could fulfill, but these days more and more men are choosing this path as well. Now, according to an article produced by the Los Angeles Times, the percentage of male registered nurses stands at 9.6%. It’s a great job, with good benefits, so it’s no wonder people want to get involved.
Both men and women who enroll in nursing programs will find that their education is rigorous and time-consuming, and that it leaves few spare moments open for either socializing or work. With no money coming in and expenses adding up, a nursing student loan may be the only way the dream of becoming a nurse could become a reality.
Those nursing students who choose to borrow would be wise to begin with a federal loan. These loans often come with few fees, and the interest rates are usually quite low. Students can also obtain these loans with no credit check or cosigner, so they get the money they need without much hassle.
In addition, nursing student loans that originate from federal sources may also come with loan forgiveness options. The Public Service Loan Forgiveness program, for example, provides loan forgiveness for those who work in public health services. Those nurses who work in the public health offices in their communities might see their loan balances reduced after 10 years of on-time payments. That could be an immense help to some nurses.
Private Student Loans for Nursing Students
When students begin investigating their student loan options, they’re often told to focus on loans that originate with the federal government. There’s good reason for nursing students to pay attention to this advice, as the loan forgiveness option mentioned above could allow some students to attend school and see their debts cancelled after graduation. However, there are times when the federal funds available don’t cover a nurse’s education debt, and sometimes, private loans are needed to fill the gap.
According to the Bureau of Labor Statistics, the mean annual wage for nurses is $69,000. This means that nurses can reasonably expect to land a job that would allow them to pay their bills, and pay back their loans without much struggle. They should, however, pay attention to the interest rate on their private loans and understand all of the fees involved with the development of that loan. This close scrutiny can ensure that loans for nursing students don’t result in crippling debt that they will never be able to pay.
- Rules regarding default
- The length of the loan
- Rules regarding early payment of the balance
- Fees involved with late payments
Types of Student Loans