Nurses are in high demand right now, which is good news for students who are interested in becoming a nurse. It is easy to find attractive student loans that have your nursing career goals and education in mind.
With the correct information, you can put together a loan package that includes very low interest rate and an easy repayment program.
Federal loans for students are your first source in financing your nursing education. They are low-interest and long-term making them a perfect resource and the first place to start. To apply for a federal loan you have to fill out the FAFSA. The application is free and is available online, making it very convenient and easy to complete.
It is important to remember there is a deadline. You have to get the application completed on time or you will rule yourself out from a major affordable source of funding for your education.
Another option are discounted Stafford student loans. These loans are sometimes packaged with tempting incentives. The best way to find these loans is to shop lenders for Stafford student "nursing loans". In Virginia for example, you can get a discounted Stafford Loan because a lender and the State of Virginia work together to extend a loan to students prepared to stay and work as a nurse.
There is also a government loan program with low-interest available. You may qualify and be entitled to a Nursing Student Loan if you are registered in an accepted nursing program. This is a campus-based loan program and the funds are administered by the financial aid office at the participating schools.
These loans may not cover all the costs associated with your education. You may still need to borrow more and you might consider a private loan. These may seem very accommodating but they can be expensive and should be your last resource.
Another option are programs for loan repayment and loan forgiveness. These programs assist with repayment of student loans for nurses. One highly recognized repayment program pays up to 60 percent of your loan if you qualify. Another program for repayment requires you to make a two-year commitment, and you may qualify for either partial or full repayment of your student loans.
Minnesota is a great example of a repayment program for student loans. Nurses committing to working in a rural facility may earn approximately $6,700 per year for a maximum of four years toward loan forgiveness.
With some preparation you can find long-term, low-interest loans and if you take advantage of a loan repayment or forgiveness program your nursing education may become rather inexpensive.
Steven C. Brown is helping nursing students prepare for exams and tests. Read more about the TEAS test when applying for a nursing school.
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