Nursing Student Loans – The nursing profession like others need money and as we all know, money is a rare commodity this days but through the loan platform, potential candidate can collect loan and further their education. In this article, i’ll be showing the type of student loan;
Nursing Student Loans
Type of Student Loans
1. The Federal Government
2. State Governments
3. Private Lending Institution
Federal Loans for Nurses
The first type of loan for Nurse is the federal loan. . The U. S. Department of Education provides a number of low interest college loans designed to aid students of all types finance their post-secondary education.
Federal Direct Student Loans put an focus on financial need, as opposed to credit history, and as such will be available to a broader range of applicants.
Government supported college loans provide 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:
1 .The Federal Direct Subsidized Loan is available to undergraduate students who are enrolled at least half-time at an accredited college or university, and who can show the required level of financial need.
Students who receive a Subsidized Loan will have their accruing interest paid by the U. S. government for as long as they are enrolled in school, and for a six month grace period following graduation.
2. The Federal Direct Unsubsidized Loan is available to both undergraduate and graduate students enrolled at an accredited college or university. The Direct Unsubsidized Loan has no financial need requirements. Unlike the Subsidized Loan, students are responsible for all accruing interest.
Federal Direct Unsubsidized Loans offer low interest rates, and flexible repayment plans, including a loan deferment option that allows students to postpone repayment of their loan for up to six months following graduation.
3. The Federal Direct PLUS Loan is available to graduate level and professional degree seeking students enrolled at an accredited U.S. college or university. The Direct PLUS loan offers a low fixed interest rate of 7.9%, and offers a deferment option for students enrolled at least half-time.
Eligibility for a Direct PLUS Loan is determined by credit history, though students may engage a co-signer if necessary. The maximum loan amount is cost of attendance as determined by the student’s school, less any financial aid already received.
Private Loans for Nurses
this type of loan is sometimes called an alternative loans and it play an important vital in aiding students to finance their college education. howbeit, students should ensure they’ve exhausted all other avenues of financial aid before talking any private lender loan.
By first applying for all possible grants and scholarships, as well as applying for any Federal loan programs for which they may be eligible, students can reduce the amount of money they need to borrow from a private institution. This is an important consideration for all students.
While private loans may seem more appropriate , they are much less affordable than their Federal counterparts. Private loans typically have higher interest fees, application and processing costs, and financial penalties for early repayment.
By first exhausting all other financial aid possibilities, students can minimize the amount of money they need to borrow from a private lender, and better manage their overall student debt.That being said, most, if not all, nursing students will ultimately need to consider some form of private lender loan.
Nursing students typically incur higher education costs than other liberal arts or professional degree seeking students. Above and beyond tuition, books and housing, nursing students also have the added expenditure of lab fees and equipment costs.
Most banks and savings and loans offer student loans for undergraduate and graduate students. Many private banks also now offer loans specifically tailored to the needs of professional degree seeking students, including those pursuing careers in the healthcare industry.
As with any private or alternative loan, borrowers are approved on the basis of credit history. For many students this can present an obstacle to securing the loan they need, and it will be necessary for them to engage a cosigner with good credit in order to be approved for a loan.
The following private lenders offer competitive student loan packages that may be of interest to nursing students who are trying to finalize their college financial plans.
- Sallie Mae (Graduate, Professional Degree Seekers, and Career training Loans)
- Wells Fargo (Graduate and Professional Degree Seekers Loans)
- Discover (Health Professionals Loan)
- PNC Education Loan Center (Loans for Health Professionals)
- Citigroup (Graduate Degree and Health Professions Loans)
State Supported Loan Forgiveness Programs for Nursing Students
they’ve been a critical shortage of licensed nurses that is affecting the nation at large. To fight these regional shortages, many states have instigated a different loan forgiveness programs designed to encourage and support students chasing degrees and careers in nursing.
While these are not direct student loans, they do provide extra support to students chasing a career in nursing.
As with all state supported financial aid, programs are subject to change according to the availability of funding. Nursing students should contact their state’s Department of Higher Education, and Department of Health and Human Services, for information on available programs.
The following instance would illustrate the types of loan forgiveness programs that are available to nursing students at the state level.
1 .The state of Florida offers the Nursing Student Loan Forgiveness Program for licensed LPN’s, RN’s or ARNP’s who agree to work within the state at a designated critical need facility. Approved participants in this program will be eligible to receive up to $4000 in loan repayment for every year of employment at a state authorized healthcare facility. Participants may take advantage of Florida’s Nursing Student Loan Forgiveness Program for up to four years.
2. The Illinois Student Assistance Commission offers the Nurse Educator Loan Repayment Program. This program offers loan forgiveness opportunities to licensed nursing instructors who are working at an approved Illinois institution.
Participants may receive up to $5000 in loan repayment funds for every full year of teaching service. The award is renewable for as long as the applicant can meet the state’s eligibility requirements.
3. The New York State Higher Education Services Corporation supports the NYS Nursing Faculty Loan Forgiveness Incentive Program .
To be eligible applicants must hold a master’s or doctoral degree in nursing, and must be licensed to practice in the state of New York.
For each year of qualified service teaching at a designated state institution, participants may receive up to $8000 in loan forgiveness. Total loan forgiveness may not exceed $40,000.
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