Home » Financial Aid » Nursing Student Loans
It can be very expensive to attend a nursing school without the use of financial aid. While most students would prefer a nursing grant or scholarship, a low-interest loan can be much easier to qualify for. While it is true that grants and scholarships do not have to be repaid, they are usually reserved for those who are under great financial strain or have an exceptional academic record. For everyone else, it is more practical to apply for nursing school loans.
There are several loans available that are specifically designed for nursing students, although the most common loans for students are extended by the federal government. Any student can apply for federal loans by simply completing a FAFSA form several months before the start of a new school year. This is the same application that will be used to apply for any federal grants.
Stafford loans are awarded to both undergraduate and graduate students. A subsidized Stafford loan is completely interest-free, although one must prove they are in dire straits in order to qualify. Most recipients of a Stafford loan received an unsubsidized loan which does include interest. This interest, however, is always low in comparison with private bank loans.
Second only to the Stafford loan, another commonly awarded federal loan is the Perkins loan. Although it is harder to qualify for a Perkins loan, those who do will have a more flexible repayment schedule and even lower interest rates. The remaining federal loans available to students are PLUS loans, designed for parents and grandparents of attending students, and direct loans, which come directly from the Department of Education.
While generic federal loans are commonly issued to college students, there are also special loans designed specifically for nursing students. Participating colleges in the U.S. offer the Nursing Student Loan Program that is backed by the Department of Health and Human Services. Both part-time and full-time students are eligible for these long-term, low-interest loans.
Those who are seeking an advanced nursing degree with an emphasis in education may qualify for the Nurse Faculty Loan Program (NFLP). This loan, also sponsored by the Department of Health and Human Services, may cover the complete cost of a graduate nursing program. The repayment schedule is very manageable and the interest rates are low.
Student nursing loans that are issued by the government are usually the most flexible and reasonable in terms of interest rates. The government, after all, awards these loans to better society and to help individuals succeed with their careers. However, nursing students may find private loans available to them through their employer or bank. While the terms of such nursing loans may not be as appealing, a responsible graduate who finds immediate work should have any problem paying off the loans.
Many nursing students may not like the idea of taking out loans in college. After all, graduating school and already being in debt sounds pretty bleak. However, the rewards of a career in nursing are greater than the burden of paying off a student loan. Federal loans, in particular, have very reasonable terms. While most financial aid advisors will recommend grant and scholarship application before a loan application, borrowing the minimum needed to complete school should be manageable for newly graduated nursing students.