Nursing Student Loans for Undergraduate and Graduate Students
Most students do not receive sufficient scholarships and grants to pay for nursing school and rely on nursing student loans to help cover expenses. There are many types of loan programs that nursing students can consider. These include federal student loans and loan forgiveness programs that allow recipients to work in an underserved area for a specified period of time in lieu of paying back the loan. When researching student loans, you want to compare interest rates, if any, on loans. Be sure you fully understand repayment requirements before signing on the dotted line.
National Nursing Loans
There are multiple loan programs that nursing students may qualify for to help pay for nursing school. These programs are offered by the federal government as well as national organizations. The following is an example of a national loan program for nursing students.
U.S. Department of Health & Human Services
The Department offers several loan programs for nursing students. The Nursing Student Loan program is a low-interest loan that financially needy students can use over a long period of time. Half-time and full-time undergraduate and graduate students qualify for this program. Students can apply for this loan through their nursing school. The Faculty Loan Repayment program is open to disadvantaged nursing faculty who can receive up to $40,000 to repay current loans. In turn, they are required to teach nursing at an accredited college or university for at least two years. A match in loan repayment amount is typically provided by the employer. Nursing faculty can learn more about this opportunity through their current employer.
State Nursing Loans
There are loans available from state governments and other organizations that nursing students may qualify for as long as they meet eligibility requirements. Loans may accrue interest or have forgiveness conditions that allow students to work in underrepresented areas in exchange for a portion of the loan being forgiven. The following is an example of a loan program that nursing students can apply to for financial assistance.
40 ET 8 Nurses Training Foundation of South Dakota
Students enrolled in accredited nursing programs in South Dakota may be eligible for the Nurses Training Loan to help by for expenses. Loans are made based on financial needs. Typical loan amounts range from $600 to $750. Loan applications are due to the Foundation by the end of May annually. For applications, students can contact the Foundation at 1903 East Sully Avenue, Pierre, SD 57501, or by calling (605) 280-1477.
Educational Institute Nursing Loans
Nursing schools may offer loans to students so they can continue their education. Other organizations may offer loans to nursing students who attend a specific college. The following is an example of a loan program for nursing students at Marian College in Indiana.
Nursing students can submit requests for financial assistance to the Williams Scholarship Loan Fund, Inc. Undergraduate and graduate nursing students are eligible to apply for loans from the Fund. Loans are made based on academic potential and documented financial needs. Award amounts vary. Applicants are encouraged to contact the Fund for deadline and other submission information. For loan applications, contact the Fund at 501 Indiana Avenue, Suite 200, Indianapolis, IN 46202. Completed applications should be sent to Marian College, c/o Office of Financial Aid, 3200 Cold Spring Road, Indianapolis, IN 46222. For general questions, call (317) 955-6040.
Employer-Sponsored Nursing Loans
Healthcare employers, such as hospitals, may offer student loans to current employees to pursue a first or advance nursing degree. Loans may be forgiven if the employee continues to work for the employer for a period of time after graduation. Loan forgiveness is at the discretion of the employer.
Community-Based Nursing Loans
Many community organizations, particularly foundations, offer student loans to nursing students who meet eligibility requirements. Students often have to be residents of the community served by the foundation to be considered. Following are examples of community-based student loan opportunities for nursing students.
Ralph E. McKinney Nursing School Loan Trust
The Trust offers nursing school loans to students who graduated from a high school in Warren County, Indiana, and are enrolled in an accredited nursing school in the state. To be eligible, the nursing school must be associated with a college or hospital. Applicant students must be enrolled in a three-year program at a minimum and studying to be a registered nurse. Loans are made based on academic scores, personal essays, and financial needs. Loan amounts vary. There are no deadlines for loan requests. For additional information, students can contact the Trust at P.O. Box 187, Williamsport, IN 47993, or by calling (765) 762-6185.
J. Hugh and Earle W. Fellows Memorial Fund
Residents of a four-county area in Florida who are enrolled in accredited nursing programs may be eligible for low-interest loans from the Fund. Nursing students must live in Santa Rosa, Walton, Okaloosa, or Escambia counties to be eligible. Undergraduate and graduate nursing students can apply for loans. Loans are made based on academic potential, character, and financial need. Students have up to one year after graduation before interest is charged on the loan. Loan amounts vary. There are no deadlines for loan requests. For loan applications, students can contact the Fund at 125 West Romana Street, Suite 224, Pensacola, FL 32502.
Pauline Linebarger & Riley McClain Scholarship Trust
Nursing students who live in Vermilion or Edgar counties in Illinois are eligible to apply for a student loan from the Trust. Loans are made based on academic potential and financial needs. Loan amounts vary. Requests are due by mid-May annually. For loan applications, students can contact the Trust, c/o Citizens National Bank, P.O. Box 790, Paris, IL 61944, or by calling (217) 465-7641.
There are many ways to secure nursing student loans. While students are familiar with loans through their school, they may be less familiar with student loans available through foundations and other funding organizations. Nursing students can access all sources to get their education paid for and reduce out-of-pocket expenses in the short term.