Nursing student loan program private

Students who attend school less than half-time also can qualify, which not all lenders allow. International students may get a loan with the help of a U. Interest rates are also on the higher end. Eligibility: Does not disclose credit or income requirements. Students can attend full-time, half-time or less than half-time.

Forbearance options: Up to 12 months of forbearance allowed, in three-month increments, throughout loan term. Additional hardship options include interest-only payments for one year after the end of the grace period. Citizens Bank provides an additional 0. It also makes its loans available to international students.

But co-signers must wait a longer period of time to be released from the loan than what many other lenders provide. PNC Bank offers an extra-generous 0. Loan modification lowers the interest rate and monthly payment charged. CommonBond offers student loans with no origination fees and free access to its text message-based Money Mentors financial literacy program.

Undergraduate borrowers must use a co-signer in order to qualify, but you can apply to remove the co-signer after 24 months of on-time payments. Loans come with a standard 12 months of forbearance available throughout the repayment term. Interest rates start on the higher end but max out lower than some other private lenders offer. Eligibility: Borrowers must be U. Earnest provides a unique amount of flexibility for borrowers, including a longer-than-average grace period; the option to skip one monthly payment per year; and a wide variety of loan terms.

International students can qualify with a U. Maximum interest rates are on the higher side. Eligibility: Borrowers must attend an eligible school full-time half-time is allowed for undergraduate seniors and graduate students. Forbearance options: Up to 12 months of forbearance allowed throughout loan term. Additionally, borrowers can skip one payment per year penalty-free.

Nursing school graduates have many opportunities to get student loan forgiveness based on their employment as nurses, particularly if they work in high-need areas. Nurses qualify for PSLF if they work full-time for nonprofit organizations or government agencies. Many states also offer nursing loan repayment programs that private loan borrowers can qualify for. Finally, the U. Health Resources and Services Administration HRSA offers several school-based loan and scholarship programs that nursing students can qualify for.

Depending on your income, you may be able to receive a government-funded Scholarship for Disadvantaged Students or a Nursing Student Loan. Your school must participate in these programs for you to be eligible. We ranked 14 lenders that make loans to nursing school undergraduates across 15 data points in the categories of interest rates, fees, loan terms, hardship options, application process and eligibility.

We chose the best based on those that earned at least three stars. Specific characteristics taken into consideration within each category include the number of months of forbearance available, economic hardship repayment options available beyond traditional forbearance, perks like cash-back rewards upon graduation, discounts, time to default, disclosure of credit score and income requirements. But if you have poor or fair credit, prepare for an interest rate on the higher end of the range.

Variable rates rise and fall according to the index they follow. For example, the lender may use the prime rate as its benchmark. A co-signer is an individual who is willing to use their good or excellent credit history to help someone get a loan that the student does not qualify for alone.

Some private loans offer to release the co-signer from the loan after the borrower makes a certain number of payments or meets other requirements. For most borrowers, federal student loans are the better option. Their interest rates also are often lower than private loan rates. But federal loans have annual borrowing caps, so you might find that you need more money than the federal government will provide. But ensure you have maxed out all possible grants and scholarships before considering student loans.

Most recently, she was a staff writer and spokesperson at NerdWallet, where she wrote "Ask Brianna," a financial advice column syndicated by the Associated Press. Select Region. United States. United Kingdom. All ratings are determined solely by our editorial team. The short answer is yes, but the aid you qualify for depends on your situation. For instance, certain Federal and HRSA loans are typically awarded based on financial need and may be reserved for economically disadvantaged nursing students.

Obtaining a student loan is often easier than repaying one. If you find yourself struggling to keep up with your payments after graduation, here are a few loan forgiveness programs for nurses to consider:.

This is a good option if you have multiple lenders with high-interest rates, as you can consolidate your loans into one monthly payment, often with a lower interest rate. However, keep in mind that there may be credit score requirements and fees to complete the refinancing process. Earning your nursing degree is no easy feat. The last thing you want to worry about is putting yourself through school with little to no financial help. Already have your nursing degree? Start picking up per-diem shifts through Clipboard Health — apply today.

Save my name, email, and website in this browser for the next time I comment. Skip to content. Who Is Eligible: Qualifying RNs must be graduates of an accredited nursing program and licensed by the state. They must also commit to two years of work in an HPSA. Ohio's nursing education assistance loan program provides assistance for prospective nursing students and those currently enrolled at least half-time in an approved Ohio nursing program.

Who Is Eligible: Applicants must be a resident of Ohio and in good academic standing. Future nursing instructors must serve as a faculty member in an Ohio institution for at least four years. The program is only available for RNs. The NURSE Corps LRP in Oklahoma promotes the recruitment of nurse faculty members, encouraging them to commit their time to nonprofit hospitals, clinics, nursing schools, and mental health or primary medical care facilities.

Applicants must work full time and have a degree from an accredited school of nursing in the United States. Preference is given to those who need the most financial help. The award is matched by the applicant's practice site. Awardees must commit to two years of full-time service or four years of part-time service within a facility approved by the state. Applicants must also be contracted to work or already working in an HPSA. Applicants must have their employer submit a site application to the state for approval.

The Rhode Island health professionals LRP endeavors to provide underserved communities with greater access to healthcare. Recipients must commit to two years of direct patient care in an outpatient setting; part-time workers must commit to four years. These nursing professionals are encouraged to work with nonprofit hospitals, clinics, nursing schools, and mental health or primary medical care facilities. Applicants must have a degree from an accredited school of nursing in the United States and work full time.

The NURSE Corps LRP in South Dakota is involved in the recruiting of nurse faculty members, who are encouraged to commit their time to nonprofit hospitals, clinics, nursing schools, and mental health or primary medical care facilities.

Applicants must commit to four years of full-time employment. Who Is Eligible: Applicants must be a resident of Tennessee, have a valid nursing license, and be enrolled in a master's degree nursing program or a post-master's degree educational program from an eligible institution in the state. The program also provides stipends for healthcare workers who are already employed within those communities.

Who Is Eligible: Applicants who received a Texas nursing license within the last 24 months or those who practiced in a county with more than , residents and moved or will move to a qualifying community within the month time period are eligible. They must commit to working in an HPSA for at least 12 consecutive months. Applicants must also be a United States citizen and licensed to practice in the state of Utah. The Vermont LRP is geared toward increasing access to healthcare for underserved populations and communities.

Applicants must be a resident of Vermont, hold a state nursing license, and work for a minimum of 20 clinical hours per week for at least 45 weeks per year. Those who accept the funds must work for a minimum of two years at an eligible HPSA. They must work no less than 24 hours per week with no more than 40 days away from the clinic per year.

The West Virginia SLRP provides reimbursement for qualified government and commercial education loans for nursing professionals who commit to working full-time for two years at an eligible HPSA. Applicants cannot be under any obligation with a professional health services program. Recipients must commit to working three years in an underserved rural or urban community. Featured or trusted partner programs and all school search, finder, or match results are for schools that compensate us.

This compensation does not influence our school rankings, resource guides, or other editorially-independent information published on this site. NurseJournal Staff. Find the right nursing program for you. Department of Education offers a number of low interest college loans designed to help students of all types finance their post-secondary education. Federal Direct Student Loans put an emphasis on financial need, as opposed to credit history, and as such will be available to a broader range of applicants.

Government supported college loans offer much better terms than their private sector counterparts, and most offer loan deferment options that allow students to postpone repayment until after they have graduated.

Students pursuing a degree, and ultimately a career, in nursing should consider the following Federal education loan programs:.

Department of Health and Human Services , and all loans and loan repayment programs are funded by the Federal government. Many states across the country are experiencing the same critical shortage of licensed nurses that is affecting the nation at large.

To combat these regional shortages, many states have instigated a variety of loan forgiveness programs designed to encourage and support students pursuing degrees and careers in nursing. While these are not direct student loans, they do offer additional support to students pursuing a career in nursing. As with all state supported financial aid, programs are subject to change according to the availability of funding. The following examples should illustrate the types of loan forgiveness programs that are available to nursing students at the state level.