There is always a massive demand for qualified nursing professionals at both the regional and federal levels in America. Therefore, the American federal government and the U.S. Department of Health offer financial aid programs and low-interest loans to benefit nursing students based on their current economic conditions and other criteria.
You must be thinking about whether scholarships are not enough for nursing. Why does the government provide them loans especially?
The reason is that the nursing degree requires a significant financial investment than other degrees. Therefore, nearly 70% of nursing students take loans apart from scholarships to pay for their studies.
Keep reading the article, and we will tell you about different loans for nursing students in America by the U.S. Government and health department. Besides, we will also notify you of the amount you will get from the particular loan scheme, the qualification criteria, and the interest rate.
Five loan programs to apply for this career
Nursing Students Loans by the University of Pennsylvania
The University of Pennsylvania offers loans to many nursing students every year based on their financial conditions. It has a minimal interest rate of 5%, which remains subsidized until you start repayment. In this program, the first-year or sophomore students get $2500 annually.
At the same time, Junior/senior students receive $4000 annually. To get this loan, you should fill the financial aid application.
Federal Nursing Student Plus Loan
The Federal government offers this loan to undergraduate and graduate students in the nursing degree with a fixed interest rate of 7.9%.
The maximum loan payment you will receive in this program depends on the cost of attendance (provided by your school) minus any other financial need received. To get this loan, you shouldn’t have any diverse credit history. If so, you can still qualify based on some additional qualifications.
You can click here if you want to know more information about the qualifications and to apply for ti
HRSA Nursing Student Loan
HRSA is the best loan option if you pursue any nursing degree at the bachelor or master level. It awards a very long-term and low-interest loan based on your current financial condition and tuition fee cost. The Financial Aid section of the department of the applicant’s school of attendance determines your eligibility for the loan.
➡LEARN MORE: Student Loan Repayment
Nursing Loan Forgiveness Program
If you are a nurse, you must know that all the nurses have a lot of debt to pay. However, there are several loan repayment and loan forgiveness programs based on your commitment to work in an underserved area.
By doing this, you will get a massive cut in loans. In some cases, you can also receive 100% loan forgiveness. You can check various loan forgiveness programs for your help, such as the NHSC loan repayment program, Nurse Corps loan repayment program, Public service loan forgiveness, and Perkins loan cancellation.
Sallie Mae Private Loan Program
It is a private organization that provides a special loan program with low-interest rates for graduate students. Here, you can borrow loans from $1000 annually to 100% of your tuition fees.
You can easily apply for this loan here, and check your loan status after answering a few questions. It will take less than 15 minutes. The good thing about Sallie Mae is that it provides loans to 90% of the applicants.
MPOWER Private Student loan for International Students
The loans discussed above are only for American citizens. However, this loan is primarily for international nursing students. It offers a 1.50% discount on the loan rate and provides fixed funding between $2,001 and $50,000. It provides loans for juniors or seniors, as well as graduate students.
It is challenging to pay for nursing even after getting scholarships. Therefore, many nursing students get a loan from a federal and private institution to pay dues for study. You can go above and check loan programs for nursing students now!