Loan Options for Nursing Students
Some future nursing students cringe when they hear the word “loan.” But nursing students have a unique advantage. The high demand for nurses has increased the availability of low-interest loans for nursing students. So, where can you get loans for nursing school?
- The Department of Education: The first step is always the FAFSA. The U.S. Department of Education offers many loans to those demonstrating financial need, including subsidized loans, unsubsidized loans and PLUS loans.
- The Department of Health: The U.S. Department of Health offers many loans and loan repayment programs to students pursuing careers in health care through the Health Resources and Services Administration. The loans include the HRSA Nursing Student Loan (a long-term, low interest loan to students pursuing a career in nursing) and loan repayment programs to help nurses who work in a designated critical care facility pay back their student debt.
- Private Lenders: Private loans are another option. You should exhaust all federal options before applying for private loans. These loans tend to be less affordable than the federal loans that are offered. That said, many banks now offer specialized loans for students pursuing careers in the healthcare field, including Sallie Mae, Discover and the PNC Education Loan Center.
Loans may seem intimidating, but there are many resources available to future nurses looking to earn an education to make the healthcare world a better place.