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Home Student Loans Private Student Loans Best Nursing School Loans
  • Contents
  • Federal Loans for Nursing School
  • Health Resources and Services Administration (HRSA) Nursing Student Loan
  • Best Private Student Loans for Nursing School
  • Federal vs Private Student Loans for Nursing School
  • Financial Aid for Nursing School
  • Student Loan Repayment for Nurses
  • What to Read Next

Best Nursing School Loans for March 2023

Tre Norman
By Tre Norman
Updated on October 1, 2022
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If you’re thinking about student loans for nursing school, you’re probably wondering what your options are. There are federal and private student loans available to help you get through school. We want to simplify the decision for you as we break down loan options for nursing programs, as well as their pros and cons.

Federal Loans for Nursing School

Starting with federal student loans is recommended for nursing students. Not only do federal student loans provide benefits like Public Student Loan Forgiveness (PSLF), but you may also qualify to participate in an income-driven loan repayment plan, which could make it easier to pay for your bills and other expenses after finishing nursing school.

Subsidized Student Loans

Direct Subsidized Loans are federal loans that undergraduates can borrow at a low, fixed interest rate. The government pays the interest on these loans when you are enrolled in school at least half-time, during the grace period, and during periods of authorized deferment. You must demonstrate financial need to qualify for direct subsidized loans. If you meet eligibility requirements, we recommend exhausting this type of loan first because it is the least expensive federal student loan.

Unsubsidized Student Loans

Direct Unsubsidized Loans are federal student loans that undergraduate, graduate, and professional nursing students can borrow. These loans also come with low, fixed interest rates. Unlike the aforementioned Direct Subsidized Loans, demonstrated financial need is not necessary to qualify. However, you are responsible for paying off all interest accrued on unsubsidized loans.

Grad PLUS Loans

Grad PLUS Loans are available to graduate and professional nursing students. These federal loans offer a fixed 7.54% interest rate for the 2022 - 2023 school year, and there are 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.

Health Resources and Services Administration (HRSA) Nursing Student Loan

Health Resources and Services Administration loans, or HRSA loans, are low interest, long-term loans offered to students in need who are pursuing a health professions degree like nursing. There are four loan programs. One is specifically geared for nursing students.

Nursing Student Loans (NSL)

Nursing Student Loans are for full-time nursing students with financial need who are pursuing an associate, baccalaureate, or graduate degree in nursing at an eligible school. Your school is eligible as long as it offers a degree in nursing.

To apply for the Nursing Student Loan program, you must fill out the application on the HRSA website. If you have additional questions about the NSL program, you can contact the program through their website.

Best Private Student Loans for Nursing School

Private student loans are available for aspiring nurses that need additional funding to cover the cost of attendance and other education-related expenses. If you have a good credit score, a student loan for nursing could afford you a lower interest rate. We work with some of the best lenders in the industry, and we have made it easy for you to compare student loans for nursing school.

Best Student Loans for Nursing School

Cosigner Recommended

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable Rates: 5.62% APR - 15.95% APR1

Fixed Rates: 4.50% APR - 14.83% APR1

Repayment Terms

10-15 Years6

(undergraduate)

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: 5.62% APR - 15.95% APR. Fixed Rates: 4.50% APR - 14.83% APR. Lowest rates shown include 0.25% interest rate discount with auto debit payments.1
  • Apply online in minutes and receive an instant credit result2
  • Multiple repayment options from in-school payments to deferred.1 No origination fee or prepayment penalty3
  • Last year, students were 4x more likely to be approved with a cosigner4 and it may help you get a better rate.
  • Borrow up to 100% of school-certified expenses, whether you're online or on campus5

Borrow Responsibly

We encourage students and families to start with savings, grants, scholarships, and federal student loans to pay for college. Students and families should evaluate all anticipated monthly loan payments, and how much the student expects to earn in the future, before considering a private student loan.

Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident), and provide an unexpired government-issued photo ID. Requested loan amount must be at least $1,000.

1Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent.  Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment.

2In 2021, instant credit decisions were provided to 97% of applicants.  Other applications typically received credit decisions in 3 to 5 business days.

3Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal.

4Based on a comparison of approval rates for Sallie Mae Smart Option Student Loans for Undergraduate Students who applied with a cosigner versus without a cosigner during a rolling 12-month period from October 1, 2020 through September 30, 2021. 

5 For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school.  Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount.  Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. 

6 Examples of typical costs for a $10,000 Smart Option Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44.  For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment may receive a loan term that is less than 10 years. 

Information advertised valid as of 03/27/2023

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION.

Smart Option Student Loans® are made by Sallie Mae Bank. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners.

Edvisors is not the creditor for these loans and is compensated by Sallie Mae for the referral of Sallie Mae loan customers.

© 2023 Sallie Mae Bank. All rights reserved. SLM Corporation and its subsidiaries, including Sallie Mae Bank are not sponsored by or agencies of the United States of America.

College Ave Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.74% APR1

Fixed rates as low as: 4.74% APR1

Repayment Terms

5, 8, 10 or 15 years2

Apply Now More Info
College Ave Student Loans
  • Competitive fixed and variable APRs starting at 4.74%1
  • Multiple repayment options including: full principal and interest, interest-only, deferred, and flat payment
  • Flexible payment terms ranging from 5, 8, 10, and 15 years2
  • Coverage up to 100% of your school-certified cost of attendance ($1,000 minimum)3
  • No origination, application and processing fees, no fees for early repayment
  • Apply online in 3 minutes and get an instant credit decision

College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC.. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply.

1Rates shown are for the College Ave Undergraduate Loan product and include autopay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. Variable rates may increase after consummation.

2This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (“APR”): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary.

3As certified by your school and less any other financial aid you might receive. Minimum $1,000.

Information advertised valid as of 03/01/2023. Variable interest rates may increase after consummation. Approved interest rate will depend on the creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of full principal and interest payments with the shortest available loan term.

Earnest Private Student Loan

Recommendation
Best for Private Loans
Interest Rates

Graduate Rates

Fixed: 4.45% - 14.15% APR1

Variable:4.99% - 12.29%APR1 

Undergraduate Rates

Fixed: 4.45% - 14.60%APR1

Variable: 4.99% - 14.40%APR1 

Repayment Terms

5, 7, 10,15 or 20 years

Apply Now More Info
Earnest Private Student Loan
  • Check your eligibility in just 2 minutes
  • Flexible repayment options you can choose from
  • No fees for origination, disbursement, prepayment, or late payment3
  • Skip a payment once per year (once repayment period restarted)4
  • Will cover up to 100% of the school's certified cost of attendance
  • 9-month grace period (3 months more than most lenders)2

This information is for graduate and undergraduate students attending participating degree-granting schools. Borrowers must be U.S. citizens or U.S. permanent residents if the school is located outside of the United States. Non-U.S. citizen borrowers who reside in the U.S. are eligible with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident) and are required to provide an unexpired government-issued photo ID to verify identity. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply.

Actual rate and available repayment terms will vary based on your income. Fixed rates range from 4.70% APR to 14.85% APR (excludes 0.25% Auto Pay discount). Variable rates range from 5.24% APR to 14.65% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan origination loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. Although the rate will vary after you are approved, it will never exceed 36% (the maximum allowable for this loan). Please note, Earnest Private Student Loans are not available in Nevada. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. It is important to note that the 0.25% Auto Pay discount is not available while loan payments are deferred.

 

1You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.

2Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.

3Earnest does not charge fees for origination, late payments, or prepayments. Florida Stamp Tax: For Florida
residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.

4Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.

The information provided on this page is updated as of 03/08/2023. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice.

Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, e-mail us at [email protected], or call 888-601-2801 for more information.

THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.

 

 

Sallie Mae Private Student Loans

Recommendation
Best for Private Loans
Interest Rates

Variable rates as low as: 4.99% APR (with autopay)*

Fixed rates as low as: 4.49% APR (with autopay)*

Repayment Terms

Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget

Apply Now More Info
Sallie Mae Private Student Loans
  • Variable Rates: Starting variable rates range from 4.99% APR - 13.13% APR (with autopay)*, and will never exceed 13.95% (sometimes lower in certain states as required by law)
  • Fixed Rates: Fixed rates range from 4.49% APR to 13.98% APR (with autopay)*
  • Easy online application!
  • No origination fees, late fees, and no insufficient fund fees. Period
  • Up to four repayment types (including no payments while in school) and multiple repayment terms help you find the loan that fits your budget
  • 0.25% discount when you set up autopay*

*UNDERGRADUATE LOANS: Fixed rates from 4.49% to 13.98% annual percentage rate ("APR") (with autopay), variable rates from 4.99% to 13.13% APR (with autopay). GRADUATE LOANS: Fixed rates from 5.25% to 13.60% APR (with autopay), variable rates from 5.49% to 13.07% APR (with autopay). PARENT LOANS: Fixed rates from 6.50% to 13.98% APR (with autopay), variable rates from 6.32% to 13.13% APR (with autopay). For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. Interest rates for variable rate loans are capped at 13.95%, unless required to be lower to comply with applicable law. Lowest rates are reserved for the most creditworthy borrowers. If approved for a loan, the interest rate offered will depend on your creditworthiness, the repayment option you select, the term and amount of the loan and other factors, and will be within the ranges of rates listed above. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Information current as of 01/30/2023.

Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, years of professional experience, income, and a variety of other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Financial Protection and Innovation under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

Federal vs Private Student Loans for Nursing School

Compare Terms Federal Student Loans HRSA Nursing Student Loan Private Student Loans
Interest Rate Options Fixed interest rates Fixed interest rate Fixed or variable rate options
Interest Rate Criteria Determined by the federal government each award year  5% Depends on your credit score
Origination Fees Federal Direct Stafford: 1.057 Direct PLUS: 4.228 (for loans disbursed Oct. 1, 2022 through Sept. 30, 2023 None Low to none depending on your credit score
Repayment Terms Variety of federal plans to choose from, including 10-year standard and income-driven repayment plans Up to 10 years Usually 5 to 25 years depending on the terms and conditions offered on your loan
FAFSA Required? Yes Yes No, but it is recommended
Student Loan Forgiveness or Discharge Options  Federal forgiveness and discharge options are available, including Public Service Loan Forgiveness Eligible for death and total and permanent disability discharge Offerings may vary by lender and circumstances
Grace Period 6-month grace period 9-month grace period 6-month grace period may be an option, however, repayment terms are set by the lender
Cosigner Release Options  A Direct PLUS loan may require you to apply with a cosigner, however, no cosigner release options are available under the federal student loan program N/A Cosigner release options vary by lender and borrower credit history
Lending Institution Federal government Participating school Lender may be a bank, credit union, financial institution, state agency, college or university

Financial Aid for Nursing School

We strongly recommend filing the Free Application for Federal Student Aid (FAFSA). Not only is it necessary for determining eligibility for federal financial aid, but many colleges, universities, and state governments use it to award institutional and state financial aid as well. You can complete this application online or at your campus financial aid office. It doesn’t matter if you are enrolled in an undergraduate or graduate level nursing degree program. Financial aid options are available for both.

Grants for Nursing School

Getting a grant for nursing school can help minimize your costs. In general, grants are need-based funds provided to pay for school and/or education-related expenses. Because grants are gift-aid, they do not have to be repaid. Find both educational and nursing research grants below:

  • American Association of Nurse Practitioners (AANP) Grants
  • National Healthcare Heroes Grant for Nurses
  • NLN Nursing Education Research Grants Program
  • MASSGrant & MASSGrant Plus
  • Mississippi Nurses Foundation (MNF) PhD Research Grants
  • Wisconsin Higher Education Grant

Nursing School Scholarships

There are plenty of scholarships for nursing school, and we put together a list of some to get you started. Scholarships are a great way to decrease the amount of money you need to borrow in student loans. Here are some of the more popular scholarships for nurses:

  • A Nurse I Am Scholarship
  • Emergency Nurses Association (ENA) Foundation Scholarships
  • Foundation of the National Student Nurses Association (FNSNA) Scholarships
  • Nurse Corps Scholarship Program
  • Nurses Educational Fund
  • Nurses Make a Difference Scholarship
  • TYLENOL Future Care Scholarship

Student Loan Repayment for Nurses

According to U.S. News & World Report, the median salary for an RN in 2019 was $73,300. With the student loan repayment options available for nurses, you don’t have to be bogged down in student loan debt. And armed with information and the right plan of attack, you can be prepared to handle your debt shortly after completing your nursing program. Below are some of the most common repayment options for nursing students.

Nurse Corps Loan Repayment Program

Under the HRSA program, you may be eligible to apply for the Nurse Corps Loan Repayment Program. If you qualify, the repayment program may cover up to 85% of unpaid nursing education debt if you meet the criteria, including serving in a Critical Shortage Facility or an eligible school or nursing.

Public Service Loan Forgiveness for Nurses

Public Service Loan Forgiveness (PSLF) can be an effective way for a nurse to tackle federal student loan debt. After a borrower makes ten years of qualifying payments (120 payments in total) while working full-time in an eligible public service job, under an eligible repayment plan, that individual can have the remaining balance on their federal loans forgiven.

Student Loan Consolidation

Federal student loan consolidation can allow you to simplify your monthly student loan payment, renew eligibility for deferments and forbearances, and access alternate payment plans from the U.S. Department of Education (ED), by combining your existing federal student loans into one loan. It’s also a great way to make some ineligible federal student loans eligible for PSLF. Non-federal student loans, such as private student loans are not eligible for federal student loan consolidation.

Student Loan Refinance

Private student loan refinance is a great option for combining your private student loans into one new loan. You are also able to combine federal student loans and private student loans together by choosing to refinance. If you include federal student loans in a private student loan refinance, you would forfeit any federal student loan benefits you qualify for, but this could afford you a lower interest rate.

Benefits of Private Student Loan Refinance

  • Potentially lower your interest rate
  • Lower your monthly payment by extending your loan repayment term
  • Combine all of your student loans into one payment
  • Release cosigners from your student loan

Could student loan refinancing save you money?
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Frequently Asked Questions

What is a Federal Nursing School Loan?

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
  • Health Resources and Services Administration (HRSA) nursing student loans

These loans offer unique advantages for nursing students as eligibility isn’t dependent on your credit score even without a cosigner. They come with a low interest rate, and, if you demonstrate financial need, the U.S. Department of Education will pay the interest on some loan types (subsidized loans) while you are in school. To qualify for most federal loans you can use for your nursing program, you will likely need to fill out a FASFA. If you are looking to borrow a federal loan through the Health Resources and Services Administration (HRSA), you will need to complete a Nursing Student Loan application.

You also won’t need to make any payments if you are enrolled at least half-time—loan repayment doesn’t begin until you graduate nursing school. Federal Direct Stafford student loans come with income-based repayment options as well.

Do Nursing Student Loans Qualify for Forgiveness?

Only Direct Loans qualify for Public Service Loan Forgiveness (PSLF), which includes Federal Direct Subsidized Stafford Loans and Federal Direct Unsubsidized Stafford Loans. Under this program, if you work for a government or 501(c)(3) non-profit organization, you could qualify for tax-free Direct Loans, either subsidized or unsubsidized loan forgiveness after making 120 payments while working full-time. Loans from private lenders or under HRSA programs do not qualify.

There are also several other loan forgiveness programs for undergraduate and graduate nursing students, including:

  • Nurse Corps Loan Repayment Program: Licensed registered nurses, advanced practice registered nurses, or nurse faculty (NF) who work in a critical shortage facility (CSF) or an eligible nursing school as nurse faculty may qualify for 60% loan forgiveness after two years of employment and an additional 25% for the third year. Both federal direct loans and some private student loans qualify.
  • National Health Service Corps (NHSC) Loan Repayment Program: Nurses who work a minimum of 20 hours a week in an NHSC-approved Health Professional Shortage Area for at least two years may qualify for partial loan forgiveness based on their employment status (full- or part-time) and the need for healthcare workers in the area. Loan forgiveness amounts range between $25,000 and $50,000. Federal subsidized, and federal unsubsidized, and some private student loans qualify. You cannot use the Nurse Corps Loan Repayment Program and NHSC Loan Repayment Program together.
  • NHSC Substance Use Disorder (SUD) Workforce Loan Repayment Program: This program is open to nurses who work full- or part-time in at an NHSC-approved  SUD facility for at least three years. Full-time nurses may qualify for up to $75,000 in loan forgiveness, while part-time nurses may qualify for up to $37,500.

You may be able to qualify for additional loan forgiveness programs based on your specialty, location, or ethnicity. Some states and employers offer their own loan forgiveness programs, as does the military.

What is the Best Student Loan for Nursing School?

The best loan for you will depend on your financial need and planned degree program. There are many types of loans for nursing students.

For undergraduate students, it’s generally best to start by taking advantage of federal Direct Subsidized Loans first, followed by direct unsubsidized loans. Federal loans come with more options when it comes to loan forgiveness programs and have income-based repayment plans.

For graduate or professional students, Direct unsubsidized loans, a Grad PLUS loan or HRSA nursing student loan is often the next best step. Keep in mind that you will need to have no adverse credit history to qualify for Grad PLUS loans.

After exhausting federal loan options or reaching loan limits, look at loan options from private lenders. These loans are known to offer competitive interest rates based on your credit score. Repayment terms will vary by lender, and eligibility may be limited by type of forgiveness program under HRSA. Private student loans are not eligible for Public Service Loan Forgiveness. Private student loans are typically considered a better option than credit cards or other forms of personal debt.

Loans from private lenders do require a credit check. Loan borrowers typically need an average to good credit score. If you do not qualify on your own, you may be able to do so with a cosigner. Remember to carefully review all loan documentation, including your projected monthly payment, the APR, and whether the interest rate is fixed or variable.

How Can I Make the Most of My Student Loan Options?

Before exploring loan options for nursing students, learn what your cost of attendance is. Your total cost of attendance is determined by your school and will determine how much you qualify to borrow in student loans.

Likewise, as a credit check is required for some student loans—review your credit history and try to increase your credit score. The stronger your credit score, the more competitive terms and lower interest rate you will be offered. It may be helpful to line up a cosigner as well.

 

What to Read Next

Best Private Student Loans for March 2023

Health Professions Student Loans

How to Pay for Medical School

How Does Student Loan Interest Work

Student Loan Cosigner

How to Find Scholarships

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