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Nursing Student Loans

If you've decided to study nursing, you've probably noticed two things about the educational process. First, there is a major push toward drafting individuals into the industry, as there seems to be a huge shortage of qualified professionals in the field. Second, you probably realize by now that the cost of medical programs of any kind, with the tuition, supplies, and required internships, is part of the reason for the lack of good, skilled nurses, as it is quite hefty and prohibitive. However, with the help of specialized nursing student loans, becoming a nurse has been made less financially burdensome and somewhat of a promising pursuit, with many areas of the country offering all sorts of incentive programs for loan forgiveness as well.

Some of the various programs that offer nursing student loans and other incentives for studies in the field are:

The Florida Nursing EdLoan from EdAmerica — offers up to a 3% discount on interest rates on federal Stafford Loans for nurses through the not-for-profit secondary market.

Care for Virginia Student Loan — a state partnership with Sallie Mae to provide Stafford Loan rate discounts in exchange for a willingness to accept a nursing assignment within the state.

Federal Nursing Student Loan Program — based on need and applied for directly through the school; offered to nursing students enrolled at least half time in a degreed nursing program (undergraduate or graduate studies).

Nursing Student Loan Forgiveness Program — popular among state-funded programs to entice graduates to provide services in the bidding state in exchange for forgiveness of a certain amount of loans.

Private Lenders for Nursing Studies — a number of private lending agencies provide specialized loans for nursing students, including Wells Fargo with their MedCap alternative loans (offering discounted interest rates and no application or disbursement fees) and the Health Professionals Loan from HSBC.

With the great need for nurses, you can also find incentives and nursing student loans directly through many colleges that you may choose to attend. There is really no limit to the resources available to individuals in this pursuit at this time in history.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.