About Nursing Student Loans
Nursing Student Loans are loans for students who desire to pursue a career in nursing, but lack the funds to pay for the cost of attending nursing school. With the help of a Nursing Student Loan, aspiring nurses can manage to cover all costs associated with attending nursing school, from tuition to room and board and personal expenses.
Types of Nursing Student Loans
Nursing Student Loans include a wide array of student loans, from both the federal government and private lenders. Federal student loans are preferred to private student loans as they generally have a lower, fixed interest rate in comparison to private student loans, and have more favorable borrowing conditions and easier repayment terms. Private loans, on the other hand, have higher borrowing limits and more customizable repayment terms, and can be very helpful when federal student loans are not enough to cover tuition.
Undergraduate students in nursing programs can apply for subsidized and unsubsidized Stafford Loans. Subsidized Stafford loans are very borrower-friendly, and are given out on the basis of financial need: they have a very low, fixed interest rate, and the government pays the interest on the loan while the student is in school. Unsubsidized Stafford loans are still desirable, but the borrower must cover the interest that accrues while in school. If a student shows exceptional financial need, they could qualify for a Perkins Loan, which is subsidized and has a very low interest rate. Graduate nursing students can also apply for Graduate PLUS Loans. To apply for any of these nursing student loans, a student must file the Free Application for Federal Student Aid, also known as the FAFSA.
Private student loans are another other option for aspiring nurses, and should only be used when all other sources of funding have been exhausted. Although they may have higher interest rates than federal student loans, they are a very helpful option to pay for your studies once you have exhausted all other financial aid sources. Students can receive private nursing student loans from banks and other financial institutions, and you can search, compare, and apply for nursing student loans by using our student loan comparison tool above.
Applying and Requirements for Nursing Student Loans
Students who are US citizens can apply for Nursing Student Loans from both the government and private lenders. International students could be eligible for private student loans from private lenders, but they will have to have the loan cosigned by a US citizen or a permanent resident. All loans have different requirements, so be sure to review them and understand what you need to provide. Again, to examine the details on different private nursing student loans, you can search for loan options using our tool above, and then compare the fine print on many different loans from many different lenders to find the loan that best suits your financial needs.
Q:Where can I get loans for nursing students?
A:There are several ways to get loans for nursing students, the most convenient of which is through the Department of Education's federal loan program. Federal financial aid is offered to all students in need irrespective of their area of specialization, and federal loans have lower interest rates and more flexible repayment terms than do private student loans for nursing students or otherwise. If you cannot cover your financial need with just federal aid, you can look into private funding options. When applying for a private student loan, be very careful in reading the terms and conditions before withdrawing the loan. If you want to know all the details about your loan and to find the best one for you, check out our Student Loan Comparison Tool.
Q:Should I apply for nursing student loan programs?
A:It depends on the circumstances, as there are a number of ways in which nursing students may cover the entire cost of their education, federal aid being one of them. By filling out the FAFSA, students can access federal loans, grants, and work-study. All of these options are based on the student's demonstrated need. Students may also look into institutional awards that could help them with the cost of attendance. And if all of these options fail to cover the cost of education, students may apply for alternative loans.
Q:Under what circumstances can I qualify for nursing student loan forgiveness?
A:There are a number of circumstances under which students may qualify for nursing loan forgiveness. In case of Stafford loan forgiveness, students can perform volunteer work, perform military service, teach, or practice medicine in communities in order to qualify for the forgiveness loan program.
Q:Are there any student loans for nursing students?
A:Except for the Nursing Student Loan program sponsored by the U.S. Department of Health and Human Services, no other loans are specifically available for nursing students. However, you can apply for loans via the loan forgiveness program, which is available to medical personnel. To qualify for the loan forgiveness program, you need to sign a contract that says you will work for a certain period of time in a healthcare facility, in an urban environment, or out in a rural clinic.