Student Loans for Nurses

Being a nurse is difficult, but rewarding, and many people are drawn toward the profession. However, paying for nursing school can be challenging, especially if you don’t have a lot of money saved up.

There are many loan options that you can use to help cover the cost of attending nursing school. Federal loan programs usually offer the best deals and you should exhaust those before you consider alternatives. Once you’ve used federal loans, private lenders can help you meet the rest of your needs.

Here are the steps you should take to get nursing school loans:

1. Exhaust federal student loan options for nursing school
2. See if you are eligible for an HRSA Nursing Student Loan
3. Look for private nursing school loans

1) Exhaust federal student loan options for nursing school

When you’re borrowing money for education, whether it’s undergraduate or graduate school, federal loans should be the first place you look. Federal government loans tend to have low interest rates and other perks, like income-driven repayment options.

To check your eligibility for federal student loans, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). The FAFSA will let you find out how much you can borrow based on federal limits.

Direct Subsidized & Unsubsidized Loans

Almost every student will be eligible for Direct Unsubsidized Loans, while Direct Subsidized Loans are offered to students based on their financial need. Direct Subsidized Loans don’t charge interest while you’re in school, but Direct Unsubsidized Loans do.

Here is some information about the Direct Unsubsidized Loan:

• Interest rates: 6.08%
• Interest type: Fixed
• Eligibility: Based on school & program; not dependent on credit score. Unsubsidized loan eligibility based on financial need.
• Loan amounts: $20,500 – $138,500
• Repayment terms: 10 – 25 years
• Learn more

Direct PLUS Loans

Most nursing students will also be eligible for Direct PLUS Loans. These loans carry higher interest rates than Direct Subsidized or Unsubsidized Loans but are a good second choice because they have the same loan repayment benefits as other federal loans.

Parents of nursing students can also apply for Parent PLUS Loans to help their children cover education expenses.

• Interest rates: 7.08%
• Interest type: Fixed
• Eligibility: Based on school & program + credit check to look for adverse credit history like bankruptcies 
• Loan amounts: Based on your school’s cost of attendance
• Repayment terms: 10 – 25 years
• Learn more

2) See if you are eligible for an HRSA Nursing Student Loan

The Health Resources and Services Administration (HRSA) is another potential source of loans for nursing students. The HRSA partners with schools to offer loans to students pursuing careers in medicine, including nursing. It has specialized loans for nursing students with reasonable rates.

Because the HRSA partners with schools to offer loans, you can work directly with your school to ask about eligibility and apply.

• Interest rates: 5.00%
• Interest type: Fixed
• Eligibility: Based on school and program
• Loan amounts: Up to $5,200
• Repayment terms: Up to 10 years
• Grace period: 9 months
• Learn more & apply

3) Look for private nursing school loans

Once you’ve exhausted federal lending options, you can turn to private student lenders to help pay your remaining education costs. There are, however, a few drawbacks to private loans compared to government loans.

First, your eligibility is mostly dependent on the quality of your credit. If you have poor credit you’ll pay high interest rates or might not be able to borrow money at all. Many applicants will need cosigners to qualify, though there are private loans for students without cosigners.

Most lenders also have eligibility requirements that can differ from federal requirements. They typically only offer loans to students in approved schools and programs. You’ll need to ask each lender about whether you’re eligible before applying.

Below are two well-known lenders that offer private loans for nursing programs, but for more information, you can check out our guide to the best private student loans.

College Ave

View Rates

Rates (APR)

1.49% – 12.99%

Loan Amounts

$1,000 – 100% of school-certified cost of attendance

Repayment Terms

5, 8, 10, or 15 years

College Ave is an online lender that focuses specifically on student loans, offering funding for a variety of courses of study. You can use the company’s graduate student loans to pay for nursing school.

• Variable rates: 1.79% – 10.97%
• Fixed rates: 4.39% – 11.98%
• Eligibility: Based on school & program + credit check to look for adverse credit history like bankruptcies 
• Grace period: Six months

Earnest

View Rates

Rates (APR)

As low as 1.78%

Loan Amounts

$1,000 – 100% of school-certified cost of attendance

Repayment Terms

5, 7, 10, 12, or 15 years

Earnest offers loans specifically for students pursuing medical careers, which includes nursing. You get a grace period of 9 months after leaving school before you have to make payments. You also have the option to skip one payment each year if money is tight.

• Variable rates: As low as 1.78%
• Fixed rates: As low as 4.39%
• Eligibility: Based on school & program + credit check to look for adverse credit history like bankruptcies 
• Grace period: 9 months

Repaying nursing school loans

Before applying for any kind of loan, you need to take a few minutes to think about how your repayment plan will work and how you plan to pay back the money you will owe.

How repayment works

When considering a loan and how you’ll repay it, you should think about the following things.

• How long is the loan’s grace period? This is the period in which you don’t have to make payments after leaving school. Is it long enough to find a job after you graduate so you’ll have the income to pay your monthly bills?
• Does the lender have multiple term options? If you choose a longer repayment term, you’ll pay less each month, but more in total. Short-term loans cost more each month but save you money in the long run.
• What payment options are available while you’re still in school? Does the lender require full payment, or can you make interest-only payments or skip payments entirely while you study? This impacts the total cost of the loan as well as your financial needs while you’re in school.
• How big is the monthly payment toward your loan balance? Do you expect to earn enough as a nurse to pay that bill every month after you graduate? Our student loan payment calculator can help you here.
• If you have trouble making payments, what options are available? Check out our guide for options.
• Will you be able to refinance after you leave school? Refinancing can help lower your interest rate, but if you refinance federal student loans, you lose access to helpful repayment plans and benefits.

Programs that help with repaying nursing school loans

Nursing students have some additional options when it comes to repaying their nursing school loans.

• The Nurse Corps pays up to 85% of the debt of registered nurses who work in an “eligible high-need area.” 30% of the total per year for two years, then 25% for a third year if you are eligible.
• Individual states may offer their own programs. For example, Massachusetts offers to pay up to $25,000 of debt per year for two years for nurses who work in community health centers. Alaska pays up to $27,000 for nurses who work in underserved parts of the state.
• Nurses may be eligible for public service loan forgiveness programs if they meet eligibility requirements, such as working for a public service organization for ten years.

>> Read More: Types of student loans