Best Loans for Nursing Schools to Fund Your Education
Getting into nursing school can be very costly, especially if you’re going for a degree. Therefore, we will help you highlight some of the best nursing school loans to fund your education. And we will also show you other options like scholarships to fund your nursing school.
If you are thinking about becoming a nurse, you have chosen the perfect time to work in this field.
According to statistics, the field of nursing will grow by 15% over the next 10 years, which is much faster than the average. The median annual salary for nurses has also risen to over $71,000.
Depending on your situation, you may need to take out loans for your nursing degree. You’ll want to make sure you’re getting the best deal. Below are lists of options.
1. HRSA Health Care Loans
The Health Resources and Services Administration (HRSA) is the organization that oversees the Nurse Loan Repayment Program, which helps pay up to 85% of student debt to nurses who work in the areas most in need.
But HRSA also offers some low-cost nursing education loans that might be worth looking into.
Student Sister Loans (NSL)
The NSL program is designed to provide low-cost student loans to low-income nursing students. To be eligible for this program, you must visit a participating school and provide proof of financial need.
Nursing degrees, as well as associate, bachelor’s and master’s degrees in nursing are eligible for NSL. NSL currently has a 5% interest rate and a nine-month zero interest grace period.
Faculty of Nursing Loan Program (NFLP)
HRSA wants more nurses pursuing nursing degrees to become qualified nurses. That’s why he’s partnering with schools to provide nursing graduates with affordable nursing school loans at 3%.
What’s really fantastic about this program is that it offers partial loan forgiveness of up to 85% of the loan amount over four years. To qualify for loan forgiveness, nurses must obtain a full-time job as a teacher or instructor at an accredited nursing school or health care facility after graduation.
2. Payday loans
When you face unexpected expenses, payday loans, also called cash advance loans, seem to be the easiest and fastest solution to borrow $100-$1,000. You may need money urgently to pay rent, afford medical treatment, repair a car, pay for education, buy a wedding gift, or consolidate your debt. Let’s talk about why payday loans seem appealing:
- You can get money quickly. The online forms are easy, straightforward, and require only basic information. You can typically get accepted within minutes, and generally, you can get the money on the same day or the next day. Sometimes, you can even get money instantly;
- The loan process is convenient. You do not need to go anywhere. You can even apply for payday loans Bridgeport CT online. And unlike regular bank loans, which often dictate what you spend your money on – i.e. you get a home loan or an auto loan, payday loans can be used for whatever needs: medical bills, car repairs, college expenses, debt consolidation, a large purchase, etc.;
- Simple requirements. Unlike regular bank loans, you don’t have to provide any collateral, like an apartment, or have a good credit score. The basic requirements for a payday loan are to have a steady income, a personal bank account, be at least 18 years old, and be a permanent resident in your state.
These benefits make payday loans an ideal way to get money quickly and easily.
3. Federal student loans
If you don’t feel like any of the HRSA nursing school tuition loans appeal to you, or if you don’t qualify, federal tuition loans may be your next best option.
Direct subsidized loans
If you have financial needs, you may qualify for a direct subsidized loan. After you submit the required documents, the nursing school you attend will determine the amount you can borrow.
Through direct subsidized loans, the US Department of Education pays interest on nursing education loans over the following three periods:
- While you are at school for at least half a day;
- During the six-month grace period after graduation;
- While you’re on hold.
Direct subsidized loans come with the following interest rates:
- Subsidized and non-subsidized direct student loans: 4.53%
- Direct Graduate Loans: 6.08%
- Graduate and Parent Loans PLUS: 7.08%
If you qualify for a direct subsidized loan, this may be the most affordable option available to you.
Direct unsubsidized loans
Direct unsubsidized loans are provided at the same interest rates as their subsidized counterparts. But there are a couple of major differences between them:
- Direct unsubsidized loans are not need-based, so you do not need to prove financial need;
- The federal government does not pay interest on these loans when students are in school or during the grace period, or when the loans are deferred.
But the interest rates on these nursing school loans remain attractive. In addition, they are eligible for an income-adjusted repayment plan and public service loan forgiveness.
Direct PLUS loans can also be helpful to borrowers who are pursuing a medical degree.
Parent PLUS loans allow parents to help pay for their child’s degree. In addition, Grad PLUS loans are available to graduate students who have already borrowed the maximum amount from the direct loan program.
The current interest rate on a Direct PLUS Loan is 6.28%.
However, it is important to note that your credit will be checked when you apply for a Grad PLUS loan. And if you have bad credit, you may need a lender.
Public Service Loan Forgiveness (PSLF)
Public Service Loan Forgiveness (PSLF) is a federal forgiveness program available exclusively to government employees. With the PSLF, eligible borrowers can apply for forgiveness after making 120 qualifying payments. And no income tax is payable on the forgiven amount.
What’s so great about FPLF for nurses is that you can qualify by finding a job at a non-profit hospital.
If you already have plans to work at a non-profit hospital, you might seriously consider getting a federal student loan so you can continue PSLF.
Note: Parent PLUS loans do not qualify for the PSLF but may qualify for a loan through direct loan consolidation. Even so, eligibility depends on parental employment, not student employment.
4. Private student loans
You can also pay for nursing education with private student loans. However, you will not be eligible for any federal private loan forgiveness programs, and you may have to start repaying nursing school loans immediately.
But you can get a higher interest rate with a private lender than with a federal loan. This may be especially true for graduate nursing school loans since Grad PLUS interest rates (even with their upcoming drop) are still quite high – 7%.
Keep in mind that the interest rate offered to you will be related to your credit score. And if you have a low credit score or no credit history at all, you will most likely need an assistant.
Affordable Nursing Scholarships
- Cherokee Uniforms Nursing Scholarship – Provides up to 10 scholarships of $2,000 each to nursing students.
- American Association of Critical Care Nurses (AACN) – Offers continuing professional development scholarships to help participants acquire knowledge and skills beyond traditional academic nursing education. A limited number of scholarships for specific academic courses will continue to be awarded.
- Cascade Healthcare Solutions Nursing Scholarship – A $1,000 annual stipend awarded to an aspiring nurse who is currently enrolled (or accepted) in a nursing education program. To apply, you must either be a legal US resident or have a valid student visa.
- Delta University – Various scholarships are offered to study at the Robert Smith School of Nursing.
- Johnson & Johnson Discover Nursing Scholarships Database – Search and find US scholarships by state, tuition level, and eligibility with this handy tool that lists over 340 nursing scholarships.
- National Black Nursing Association (NBNA) – Offers annual scholarships to students who are NBNA members or local chapter members, currently enrolled in an undergraduate program and have at least one full year of education remaining. Rewards range from $1,000 to $6,000.
- Northern Illinois University – various scholarships for nursing education. Only qualified nurses are eligible to participate.
- The NURSE Corps Scholarship Program – allows students accepted or enrolled in diploma, associate, bachelor’s or master’s degree programs to receive tuition funding, fees, and other education expenses in exchange for a job at a suitable NURSE Corps site after graduation. Applicants must be US citizens (born or naturalized), citizens or lawful permanent residents.
We are sure that this information will help you get funds for nursing schools.