Student Loans for Nursing Students

Nursing school students benefit from many of the same types of student loans as other undergraduates. Federal loans offer better borrower protections and lower interest rates. However, private loans for nursing students are available, and these can make sense if you’ve maxed out your federal aid. There are several forgiveness programs specific to nurses that make federal student loans a particularly strong option for nursing students. Nursing students have a distinct advantage when applying for low-rate student loans. In the article, you’ll find our pick on the top 10 student loans for nursing students for 2024. in addition, we’ll tell you their key elements and pros and cons.

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Top 10 Student Loans for Nursing Students for 2024

Nursing students may be eligible for one of three primary forms of federal student loans. Undergraduate students may qualify for a Direct Subsidized Loan or Direct Unsubsidized Loan. Graduate students who meet the requirements for Grad PLUS Loans may also qualify. Conversely, If you have bad credit, your options for borrowing may be limited. You can resort to private lenders if federal loans aren’t enough to meet your educational costs although there are some disadvantages to borrowing private loans. Below is the list of the best 10 private student loans for nursing students.

1. Earnest

Best Nursing School Loans Earnest is a great lender that benefits all students, while not specializing in nursing student loans. The fact that it doesn’t charge any fees, not even late fees is one of its best qualities. It also offers incredibly generous refinancing possibilities, and if the loan account is in good standing, it will even refinance its own loans. After graduating from school, you get a grace period of nine months before you must start making payments.

Key Elements:

  • Fixed rates (APR): 49%–12.78%
  • Variable rates (APR): 05%–11.44%
  • Estimated minimum credit score:650
  • Type of degree: Undergraduate and graduate
  • Loan amounts: $1,000 – 100% of the total cost of attendance
  • Repayment terms: 5, 7, 10, 12, or 15 years
  • Rate reduction: Discount of 0.25% off the interest rate for automatic payments
  • In-school repayment: Deferred payments, $25 recurring installments, interest-only payments, and total principal and interest payments are all options.
  • Grace period: 9 months

Pros

  • Reasonably priced minimum interest rates
  • Refinances its own loans
  • Permits you to omit one payment each

Cons

  • Relatively high financial threshold

2. College Ave

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College Ave specializes in giving parents and students access to student loans. The lender provides a variety of loans, including normal graduate student loans and medical school loans. They make it simple to make payments while you’re studying in the quantity that suits you, and they provide a range of options for different repayment terms. Unless you already have a solid credit history, you’ll likely require a cosigner to be approved for a loan from College Ave.

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Key Elements:

  •  Fixed rates (APR): 4.24% – 12.98%
  • Variable rates (APR): 3.99% – 12.98%
  • Loan amounts: $1,000 – $150,000
  • Estimated minimum credit score: Undisclosed
  • Repayment term: 5, 8, 10, 15, or 20 years
  • Rate reduction: 0.25% discount for automatic payments
  • Type of degree: Undergraduate and graduate
  • In-school repayment: Full principle and interest payments, $25 monthly installments, interest-only payments, and deferred payments
  • Grace period: 9 months

Pros

  • non-standard loan terms
  • offers military deferment
  • simple and efficient application process

Cons

  •  Charges late fees

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3. Ascent

Ascent is one of the best private student loans for nursing students. It boasts some of the finest rates in the market and is renowned for its top-notch customer support. They also offer income-based non-cosigned student loans, as well as co-signed and independent student loans. With evidence of graduation, borrowers can receive 1% back on their loan. There is also a rate reduction for making automatic payments.

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Key Elements:

  • Fixed rates (APR): 38%–13.72%
  • Variable rates (APR): 44%–12.39%
  • Loan amounts: $2,001 – $200,000
  • Repayment terms: 7, 10, 12, or 15 years
  • Estimated minimum credit score:540
  • Type of degree: Undergraduate and graduate
  • Rate reduction: Discount of 0.25% off the interest rate for automatic payments.
  • In-school repayment: Interest-only repayments, $25 monthly payments, and
    Deferred payments
  • Grace period: 9 months

Pros

  • 1% cashback following graduation
  • Several deferment options
  • Option for income-based repayment

Cons

  •  No particular advantages for nurses

4. SoFi

SoFi offers a wide range of installment loans that include home loans, credit card consolidation loans, and student loans for nursing students. It also gives borrowers access to an online tool that helps them figure out how and when they should ask for a raise.

Key Elements:

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  • Fixed rates (APR): 23%–11.26% (with autopay)
  • Variable rates (APR): 87%–11.66% (with autopay)
  • Estimated minimum credit score: Undisclosed
  • Type of degree: Undergraduate and graduate
  • Loan amounts: $1,000 – 100% of the school-certified cost of attendance
  • Repayment terms: 5, 7, 10, or 15 years
  • Rate reduction: Discount of 0.25% off the interest rate for automatic payments.
  • In-school repayment: Deferred or full, interest-only, flat $25.
  • Grace period: 6 months

Pros

  • Unemployment protection
  • Generous choices for payback
  • No fees

Cons

  • $5,000 minimum loan

5.  CommonBond

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CommonBond is a great option for nursing students looking for a loan to support their nursing school. There are no application or origination costs. Also, it has competitive interest rates and access to a financial mentor. The money mentor is a real-life counselor who can assist you in finding internships in your field of study.

Key Elements:

  • Fixed rates (APR): 74%–10.74% (autopay)
  • Variable rates (APR): 81%–9.37% (autopay)
  • Estimated minimum credit score: 660
  • Repayment terms: 5, 10, or 15 years
  • Rate reduction: Discount of 0.25% off the interest rate for automatic payments
  • Type of degree: Undergraduate and graduate
  • Minimum loan: $2,000
  • Grace period: 9 months

Pros

  • Low, competitive interest rates
  • Enables you to miss one payment annually
  • Refinances its own debt

Cons

  • Relatively high financial threshold

6. Splash Financial

 Best Lenders to Nursing Student

Splash Financial exclusively provides student loan refinancing and is not a direct lender. Refinancing your student loan with the appropriate lender can make paying back your loans simpler and quicker. Nelnet Banks, Laurel Road, and PenFed credit union have partnered with Splash Financial to offer prices from three lenders at once to assist you in refinancing your loan.

Key Elements:

  • Fixed rates (APR): From 2.63%
  • Variable rates (APR): From 1.89%
  • Estimated minimum credit score: 660
  • Repayment terms: 5, 7, 10, or 15 years
  • Rate reduction: Discount of 0.25% off the interest rate for automatic payments
  • Type of degree: Undergraduate and graduate
  • Loan amounts:  $5,000 – 100% of the total cost of attendance.

Pros

  • Offers great refinancing rates
  • Request quotes from various
  • Refinances Parent PLUS, private, and federal loans
  • Can restructure a number of debts

Cons 

  • Limited to loan refinancing only

Read Also: Student Loan Forgiveness

7.LendKey

LendKey doesn’t originate loans as Splash Financial does. It is a website that links borrowers and lenders, making it simpler to locate the ideal student loans for students studying nursing and other areas. There is no academic deferment in any of LendKey’s loans. As soon as you begin attending school, you must begin making payments on any loans you accept through this site.

Key Elements:

  • Fixed rates (APR):03%–9.01%
  • Variable rates (APR:49%–8.09%
  • Estimated minimum credit score:660
  • Repayment terms: 5, 10, or 15 years
  • In-school repayment: Interest-only repayments or $25 monthly payments
  • Type of degree: Undergraduate and graduate
  • Minimum loan:$1,000

 Pros

  • Several lenders offer at one location
  • Up to 18 months of forbearance under hardship
  • Low-income prerequisite
  • Top-notch refinancing possibilities

Cons

  • No academic suspension
  • Adds late fees.

8. Discover Student Loans

The company offers a variety of student loan options, some of which are available only to graduate students. Nursing students and many other students in the health sciences are subject to additional Discover fees. The interest rates in the bullet points reflect this, although only graduate students can use them.

Key Elements:

  • Fixed rates (APR):49%–7.74%
  • Variable rates (APR):99%–6.99%
  • Estimated minimum credit score:750
  • Rate reduction: Discount of 0.35% off the interest rate for automatic payment
  • Type of degree: Undergraduate and graduate
  • In-school repayment: Interest-only repayments.
  • Minimum loan:$1,000
  • Grace period: 9 months

Pros

  • Discounts for those in the medical field
  • Deferral of medical residency
  • Prizes for academic success

Cons

  • Limited options for loan terms

9. Avenify

Best Nursing Student Loans for 2023

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Avenify will provide you with an income share agreement in its place. In return for paying the lender a share of your future earnings, you receive a lump amount with this while you are still in school. Therefore, instead of an interest rate, the amount you ultimately pay will be set exclusively by the conditions of your income-sharing agreement and your income.

Key Elements:

  • Fixed rates (APR): N/A
  • Variable rates (APR): N/A
  • Estimated minimum credit score: None
  • Type of degree: Undergraduate
  • Minimum loan:$1,000

pros

  • Only nurses are covered by income share agreements.
  • As much as $15,000 each semester
  • No credit check is necessary
  • Payments don’t begin until you earn $20,000 or more.

Cons

  • Only applicable to undergraduate programs
  • Must have graduated within the previous year

10. Education Loan Finance

10 Best Nursing Student Loans

Education Loan Finance may very well offer a competitive rate if you meet the eligibility requirements. It only provides student loans for nursing students at a small number of schools. A soft credit check is needed to obtain a rate quote from Education Loan Finance, but it’s worth a shot.

Key Elements:

  • Fixed rates (APR): From 4.50%
  • Variable rates (APR): From 1.50%
  • Estimated minimum credit score: 680
  • Rate reduction: Discount of 0.25% off the interest rate for automatic payment
  • Type of degree: Undergraduate and graduate
  • In-school repayment: interest-only payments, full payments, or $25 flat-fee payments at the commencement of school.
  • Minimum loan: $10,000
  • Grace period: 6 months

Pros

  • Affordable prices
  • Dedicated loan advisor
  • Outstanding customer service
  • No costs

Cons

  • No release from a cosigner

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How to Obtain Students Loans for Nursing School

While it is not difficult to apply for student loans for nursing students, there are some specific procedures to follow in order to get the loan approved. The following sections discuss the procedures briefly.

1. Fill out the FAFSA: Filling out the Federal American Financial Aid Service (FAFSA) is the first step in applying for federal student loans. To be eligible for any type of federal student loan, you must complete the FAFSA. Submit it by the deadline specified by your school and expect to hear back from the government within 30 days.

2. Receive your award letter: The financial aid office at the school will review the FAFSA results and determine your eligibility after you’ve submitted it. Your results and the total amount you are eligible for will be provided to you in an award letter.

3. Determine if you need more aid: You can submit an application for a private student loan if you still require additional financial aid or want to consider other options. 

4. Choose a private student loan: If you are considering taking out a private student loan, consider the pros and cons of choosing a private loan over a federal loan. You should compare interest rates, repayment terms, in-school repayment options, and fees offered by private student loan companies to help you decide what’s best for you.

Conclusion

Nursing school students benefit from many of the same types of student loans as other undergraduates. Federal loans offer better borrower protections and lower interest rates. Private loans for nursing students are available, and these can make sense if you’ve maxed out your federal aid. There are several forgiveness programs specific to nurses that make federal student loans a particularly strong option for nursing students.

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