Best Loans for Nurses - Grants for Medical

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 out about different loan plans, including their pros and cons and why they rank on our list of the top loans for nurses.

In this article, we have listed the best loans for nurses.

5 Best Loans for Nursing

Best Loans for Nurses

1 – Federal Direct Subsidized and Unsubsidized Loans

Federal government loans are usually considered the best for college students.

Federal Direct Subsidized and Unsubsidized Loans are available to students enrolled in eligible programs at participating schools, which can include nursing programs. These loans are designed to help cover the cost of higher education.

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. Additionally, recipients are provided several options for repaying 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, visit the official website at https://studentaid.gov/understand-aid/types/loans/subsidized-unsubsidized.

2 – Federal Grad Plus Loans

Federal Grad PLUS Loans are available to graduate and professional students for expenses not covered by other financial aid. It has simple eligibility criteria which require you to meet the financial and credit criteria.

The Grad Plus loans are helpful if you need help with 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 receive.

Apart from this, the loan has a fixed 6.28% interest rate throughout the loan duration. The lender also allows you a grace period of 6 months after graduating from your advanced nursing degree or when 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 cover any funding shortage 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, visit the official website at https://studentaid.gov/understand-aid/types/loans/plus/grad.

3 – HRSA (Health Resources and Services Administration) Loans for Nursing Schools

The HRSA Nursing Student Loan program loans nursing students at participating schools. HRSA does not categorize its loans as ‘Student Loan in full-time Associate Degree,’ ‘Student Loans in full-time Bachelor’s Degree,’ or ‘Student Loans in Undergraduate program.’ The HRSA website provides information on the Nursing Student Loan program.

Besides, 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 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 about 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 other loans don’t, including funding up to 100% of school-certified costs, such as tuition and housing or library and books expenses. This loan is offered to part-time and full-time students pursuing an undergraduate or graduate degree in nursing.

Sallie Mae Private Loans offers competitive interest rates for student loans, including variable and fixed rates. However, specific rates may vary and should be confirmed on the Sallie Mae website.

In addition, you can pay US$25 per month while pursuing your nursing education and during the 6-month grace period.

You can also pay the monthly interest in school and during the grace period. Lastly, you can repay the entire loan once you finish nursing school.

To learn more about eligibility criteria and the application process, 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. The College Ave Private Student Loan offers loans to students and parents to cover education costs, with rates and terms that vary based on creditworthiness and other factors.

College Ave Student Loans offers competitive interest rates for undergraduate and graduate student loans, but specific rates may vary and should be confirmed on the College Ave website. Graduate students can pay interest rates between 1.99% and 11.98% APR, while parents can 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 takes less than 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, visit the official website at https://www.collegeavestudentloans.com/.

Conclusion

There are several options for students to get a loan that can assist them in completing their nursing education. Visit the official website before applying for the above-listed nursing education loans.