Loans for Nurses – Overview
Are you an aspiring nurse, but unable to get admission into a nursing school because you cannot pay the high fees? Then you’ve come to the right place. Here, you can find about different loan plans, including their pros and cons and the reason they rank on our list of the top loans for nurses in 2022.
In this article, we have listed the best loans for nurses in 2022.
5 Best Loans for Nursing
1 – Federal Direct Subsidized and Unsubsidized Loans
Federal government loans are usually thought to be the best for college students, which makes the Federal Direct Subsidized and Unsubsidized Loans the best option in 2022.
The reason is that these loans have open eligibility which includes full-time and part-time students in a 4-year nursing program. This loan is designed to alleviate the burden of nursing education for aspiring nurses.
Besides this, direct unsubsidized loans allow recipient students to pay off the loan amount in 10 to 25 years, which is far better than most lenders. Apart from this, recipients are also provided several different options for repayment of the loans.
The Federal Direct Subsidized Loans are better as the government pays the interest during your educational years, so you don’t have to worry about repayment and can focus completely on your studies. On the other hand, unsubsidized loans offer several competitive features too.
To learn more about federal direct subsidized and unsubsidized loans, feel free to visit the official website by clicking on this link https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized.
2 – Federal Grad Plus Loans
The Federal Grad Plus loans are designed to aid students who wish to pursue a nursing course in an accredited nursing school in the United States. It has simple eligibility criteria which require you to meet the financial and credit criteria.
The Grad Plus loans are helpful if you want assistance with handling the nursing school/college fees that are not covered by most other financial aid schemes.
Under this program, you can receive a loan amount to the cost of attendance, minus any other financial assistance you might currently be receiving.
Apart from this, the loan has a fixed 6.28% interest rate which lasts throughout the loan duration. The lender also allows you a grace period of 6 months after graduating from your advanced nursing degree, or from the time you leave nursing school or drop off from a half-time nursing program before beginning the repayment for the student loan.
In short, this nursing school loan helps to cover any shortage in funding and provides a 6-month grace period so you can conveniently pay off the loan.
For more information about this nursing loan, such as eligibility criteria and the application process, you can visit the official website at https://studentaid.gov/understand-aid/types/loans/plus/grad.
3 – HRSA (Health Resources and Services Administration) Loans for Nursing School
The Health Resources and Services Administration (HRSA) offers loans to financially disadvantaged students who are enrolled in health professions, such as nursing school or college. There are four different types of loans provided by HRSA –
1. Nursing Student Loans
2. Student Loan in full-time Associate Degree
3. Student Loans in full-time Bachelor’s Degree
4. Student Loans in Undergraduate program
Besides this, these loans are not offered directly by the government so you will need your nursing school to apply to the HRSA loan program to become eligible for the loans.
Also, the HRSA partners with the National Health Service Corps (NHSC) Loan Repayment Program, which allows you to work in an NHSC-approved clinical setting in either full-time or part-time and receive up to US$ 50,000 towards your outstanding loan amount.
You can expect the usual federal student loan benefits from these loans, such as lower interest rates, fixed interest and a grace period with the possibility of loan forgiveness.
To learn more details of this loan program, such as eligibility criteria and the application process, you can visit the official HRSA website at https://bhw.hrsa.gov/funding/apply-grant#nursing.
4 – Sallie Mae Private Loan
The Sallie Mae Private Loan covers areas that other loans don’t, including funding up to 100% of school-certified costs, for instance, tuition and housing or library and books expenses. This loan is offered to part-time and full-time students who are pursuing an undergraduate or graduate degree in nursing.
This loan is available with variable interest, ranging between 4.37% and 11.62% APR, or choose a fixed interest rate of 6.87% to 13.99% APR.
Besides this, you can choose to pay US$ 25 per month while pursuing your nursing education and during the 6-month grace period.
You can also choose to pay the monthly interest while in school and during the grace period. Last, but not least, you can repay the entire loan once you finish nursing school.
To learn more details on eligibility criteria and the application process, you can visit the website at https://www.salliemae.com/student-loans/private-student-loans/.
5 – College Ave Private Student Loan
The College Ave Private Student Loan is one of the most flexible options for financing nursing education in the United States. Under this initiative, loan recipients can receive loans at attractive interest rates.
For instance, loans to undergraduate students are offered with interest rates ranging between 0.94% and 12.99% APR, graduate students can pay interest rates between 1.99% and 11.98% APR, while parents can choose to repay their child’s nursing education loan at interest rates of 1.04% to 12.99% APR.
In addition, there is also a refinancing option with interest rates between 2.94% and 5.09% APR.
The loan application process is swift and barely takes 5 minutes, so you can get your loan approved instantly. If your co-signer has a good credit score, you have a 90 % chance of getting your nursing loan approved.
For more information, such as eligibility criteria and the application process, you can visit the official website at https://www.collegeavestudentloans.com/.
There are several options for students to get a loan that can assist them to complete their nursing education. Make sure to visit the official website before applying for any of the above-listed nursing education loans.