Nursing School Student Loans
Get Financial Help for Your Education
Nursing students are being encouraged more than ever with attractive grant and scholarship programs that are designed to shore up the deteriorating nursing profession as it stands today.
National and professional nursing associations with powerful ties to lawmakers have been instrumental in bringing attention to the increasing plight of U.S. healthcare due to a number of disturbing factors influencing nursing: a lack of educated and well-trained faculty to teach the numbers of applicants, as well as inadequate program funding and physical resources; inadequate educational funding and incentives for nursing students at large; and more aging nurses leaving the profession than new nurses entering.
Various Programs
Now more than ever there are many more grant and scholarship options available, but in cases where those funds are lacking these student loan options are still viable for augmenting expenses.
- Federal Nursing Student Loan program offers long-term loans to nursing students who are enrolled at least half-time in a degree nursing program, either associate, bachelors or graduate. Students must apply for the Nursing Student Loan through the financial aid office of the school. Participating schools make awards based on need. Repayment is not required until after graduation and these loans, like other federal student loans feature some of the lowest interest rates available.
- The Florida Nursing Edloan from EdAmerica, a not-for-profit secondary market for student loans, offers discounted interest rates (discounted 3%) on Stafford Loans for nurses. The goal of this incentive is to make a nursing education repayment plan more affordable.
- Virginia, in partnership with Sallie Mae, offers a similar modified Stafford loan for nursing students: Care for Virginia Student Loan. This student loan provides a discounted Stafford loan rate with the understanding that the nursing recipient is willing to agree to accept a nursing assignment within the state of Virginia.
- Nursing Student Loan Forgiveness Programs are becoming increasingly popular among state-funded programs. Iowa's program was instituted as a measure against losing many of its graduating nurses to other states, as well as incentive to nursing students and nurses considering returning to school for graduate degrees. Eligible applicants across the board of either the repayment programs or forgiveness programs must be willing to commit to a nursing position within the administering state.
Private Lender Student Loans for Nurses
Discounted student loan interest rates are common with some private student loan lenders as well. Ask your personal banking institution if they offer any student loans for the health professions or nursing programs in particular.
- Wells Fargo offers an alternative loan called MedCap®, which extends discounted interest rates and no application or disbursement fees;
- HSBC Health Professionals Loan is another private lender alternative.
