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7 Best Nursing Student Loans of April 2024

Federal student loans are best for nursing students in undergraduate and graduate school programs.

NerdWallet
By
Last updated on July 10, 2023
Edited by
✅ Fact checked and reviewed
Des Toups
Edited by
✅ Fact checked and reviewed

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Featured lendersSee all partners
Sallie Mae Graduate School Loan for Health Professionals
Sallie Mae Graduate School Loan for Health Professionals
Sallie Mae Graduate School Loan for Health Professionals
4.5
NerdWallet rating
Best for part-time students and those who want flexibility with repayment.
Visit Partner
Ascent Graduate and Health Professions Student Loan
Best for graduate students who want flexible payment options.

Best Nursing Student Loans

Lender
NerdWallet Rating
Min. credit score
Fixed APR
Variable APR
Learn more
Federal Subsidized/Unsubsidized Loan

Federal Subsidized/Unsubsidized Loan

Read review
Best for All nursing students as a first choice

None

5.50-7.05%

N/A

Federal Grad PLUS Loan

Federal Grad PLUS Loan

5.0
/5
Best for Nurses pursuing advanced degrees

None

7.54-7.54%

N/A

Sallie Mae Undergraduate Student Loan

Sallie Mae Undergraduate Student Loan

Check rate
on Sallie Mae's website
on Sallie Mae's website
COMPARE RATES
on Credible’s website
on Credible’s website
4.5
/5
Best for Graduate nursing students with strong finances

Mid-600's

4.50-15.49%

6.37-16.70%

Check rate
on Sallie Mae's website
on Sallie Mae's website
MPOWER Private Student Loan

MPOWER Private Student Loan

4.0
/5
Best for International nursing students

None

13.74-15.01%

N/A

Our pick for

All nursing students as a first choice

You may be able to borrow subsidized or unsubsidized federal loans for an undergraduate nursing degree or certificate program. Unsubsidized loans are available for graduate programs.

Federal Subsidized/Unsubsidized Loan
Read review
Federal Subsidized/Unsubsidized Loan

Federal Subsidized/Unsubsidized Loan

5.0
Min. credit score

None

Fixed APR

5.50-7.05%

Variable APR

N/A

Key facts

Federal student loans are available to nursing students enrolled at least half-time at a degree-granting institution.

Pros
  • More flexible repayment options for struggling borrowers than other lenders.
  • Subsidized loans do not collect interest while in school or during deferment.
  • Lower interest rates than many private lenders.
Cons
  • You pay an origination fee.
Qualifications
  • No credit check or minimum income is needed to borrow.
  • Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
  • Independent students and graduate students have higher loan limits.
  • Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate
Available Term Lengths10 to 25 years once repayment begins, depending on the repayment plan.
Read Full Review

Our pick for

Nurses pursuing advanced degrees

Graduate students can take out up to $20,500 annually in unsubsidized loans. You can use graduate PLUS loans to fill any remaining tuition gap.

Federal Grad PLUS Loan

Federal Grad PLUS Loan

Min. credit score

None

Fixed APR

7.54-7.54%

Variable APR

N/A

Key factsBest for graduate students who need to borrow beyond the federal unsubsidized loan limit.
Pros
  • More flexible repayment options for struggling borrowers compared with private lenders.
  • All borrowers who attend a school authorized to receive federal aid can qualify.
Cons
  • May have higher interest rates compared with private lenders.
  • You pay an origination fee.
  • You can’t see if you’ll qualify without a hard credit check.
Qualifications
  • Grad PLUS loan borrowers must not have adverse credit history.
  • Borrowers with adverse credit history can still receive a grad PLUS loan by enlisting a co-signer without adverse credit history or documenting extenuating circumstances for their credit history.
  • Loan amounts: Total cost of attendance minus other financial aid.
Available Term Lengths10 to 25 years once repayment begins, depending on the repayment plan.

Our pick for

Graduate nursing students with strong finances

You may save money with a private nursing school loan if you have good credit. These lenders offer loans specifically for advanced nursing degrees, but you can borrow any graduate school loan.

Key facts

Rating and details displayed are for Sallie Mae's private student loan. Sallie Mae offers a Graduate School Loan for Health Professions with a 15-year repayment term and the option to make 12 interest-only payments after your grace period.

Pros
  • One of the few lenders to provide loans to part-time students.
  • Non-U.S. citizens, including DACA students, who live in the U.S. and attend school in the U.S. can apply with a qualified co-signer who is a U.S. citizen or permanent resident.
Cons
  • You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
Qualifications
  • Typical credit score of approved borrowers or co-signers: Does not disclose.
  • Minimum income: Did not disclose.
  • Loan amounts: $1,000 up to 100% of the school-certified expenses.
Available Term Lengths10 to 15 years
DisclaimerLowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 2/26/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website may be subjected to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.

Our pick for

International nursing students

Many private lenders offer student loans to international students with a U.S. or permanent resident co-signer. Fewer options are available if you don’t have an eligible co-signer.

MPOWER Private Student Loan

MPOWER Private Student Loan

Min. credit score

None

Fixed APR

13.74-15.01%

Variable APR

N/A

Key facts

International nursing students and students with Deferred Action for Childhood Arrivals, or DACA, status can borrow from MPOWER without a co-signer.

Pros
  • Offers a hard-to-find option: non-co-signed student loans for international and DACA students.
  • Borrowers are assigned a dedicated student loan advisor.
  • Borrowers can request forbearance of up to 24 months, which is longer than many lenders offer.
Cons
  • Payment required while in school and during the grace period.
  • Offers only one repayment term: 10 years.
Qualifications
  • MPOWER considers future income potential but does not factor in credit scores.
  • Loan amounts: Minimum $2,001. Maximum loan is $100,000, limited to $25,000 per academic period.
Available Term Lengths10 years
DisclaimerNote: Our loan does not support Canadian citizens studying in Canada. Canadian Permanent Residents and U.S. citizens are considered “international” when studying in Canada. International students, U.S. citizens, U.S. permanent residents, and DACA recipients in the U.S. or Canada. ‘International’ means you are a non-U.S. citizen or U.S. non-permanent resident studying at a university in the U.S., or you are a non-Canadian citizen or Canadian non-permanent resident studying at a university in Canada. ‘DACA’ means the Deferred Action For Childhood Arrivals Program initiated by the U.S. Department of Homeland Security in 2012. In order to qualify as a DACA Student, you must have applied for, and been granted, DACA status by USCIS. As a graduate student, you can borrow with a fixed interest rate of 12.99% (13.98% APR¹). This is the maximum rate and will not increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 12.74% (13.72% APR²). ¹[International graduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation, plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 13.98%, the monthly payment amount is US$113.66 for the first 30 months. For the next 120 months, the monthly payment amount is about $156.71. ²[International graduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. At an APR of 13.72%, the monthly payment is US$111.47 for the first 30 months. For the last 120 payments, the monthly amount is US$155.17. Undergraduate Students in the U.S. or Canada As an undergraduate student, you can borrow with a fixed interest rate of 13.99% (15.01% APR³). This is the maximum rate and will never increase. However, MPOWER offers borrowers a way to qualify for a discount; a 0.25% rate discount is possible by making your loan payments through automatic withdrawal from your bank account. If you qualify for this discount, your rate will be 13.74% (14.75% APR⁴). ³[International undergraduate student with regular interest rate] The APR is calculated using the following assumptions: A loan is approved in the amount of $10,000 with a 5% origination fee of $500. The student will start making payments 45 days after loan disbursement. Payments will be interest only until graduation plus an additional 6-month grace period. The remaining months of repayment are calculated using a 120-month amortization schedule. All payments are made on-time, a forbearance is never utilized, and there is no pre-payment of any principal. At an APR of 15.01%, the monthly payment amount is $122.41 for the first 30 months. For the next 120 months, the monthly payment amount is $162.97. ⁴[International undergraduate student with discounted interest rate] The APRs with discounts are calculated using the following assumptions: A loan is approved in the amount of US$10,000 with a 5% origination fee of US$500. The student will start making payments 45 days after loan disbursement. The borrower signs up for automatic debit immediately after the loan is disbursed and remains on it for the life of the loan, which reduces the rate by 0.25%. A forbearance is never utilized and there is no prepayment of any principal. At an APR of 14.75%, the monthly payment is US$120.22 for the first 30 payments. For the last 120 payments, the monthly amount is US$161.39.

Our pick for

Part-time nursing students

A.M. Money is one of the few lenders to offer loans if you’re attending school less than half time — for example, if you’re in a part-time CNA program.

A.M. Money Private Student Loan

A.M. Money Private Student Loan

Min. credit score

None

Fixed APR

7.53-8.85%

Variable APR

N/A

Key factsBest for students who don’t have a co-signer, have a strong GPA and attend one of the schools A.M. money works with.
Pros
  • GPA is used to determine eligibility instead of credit or a co-signer.
  • Offers a hard-to-find, temporary income-based repayment option for up to 36 months.
  • All borrowers get the same fixed rate, benchmarked to the federal PLUS loan rates.
Cons
  • Works with a limited list of schools.
  • Charges an origination fee.
  • Does not allow for bi-weekly payments via autopay.
Qualifications
  • Typical credit score of approved borrowers: Credit and a co-signer are not required. Approval is based on GPA.
  • Minimum income: No minimum. Approval is based on GPA.
  • Loan amounts: $2,001 up to the full cost of attendance, maximum $50,000
Available Term Lengths10 years

Our pick for

Nursing students without a co-signer

Avenify Income Share Agreement

Avenify Income Share Agreement

Min. credit score

None

Fixed APR

N/A

Variable APR

N/A

Key facts

Avenify offers income share agreements, not student loans. Make sure you understand the difference before applying.

Pros
  • Periods of unemployment count toward your payment total.
  • Lending decisions are not based on your credit score.
  • You receive a discount for paying off your ISA early.
Cons
  • Funding is available only to nursing students.
  • Nursing certificate programs currently aren’t eligible.
  • You must be within 12 months of graduation to qualify.
Qualifications
  • Eligibility is based on factors like your GPA and potential cost of living, not credit score.
  • Loan amounts: $1,000 to $15,000.
  • Income share percentages: Typically range from 1.5% to 7.5%; average is 3.99%.
Available Term Lengths5 years, but can extend to up to 10 years.

Our pick for

Rhode Island residents

Nursing students from Rhode Island or attending school there may benefit from RISLA’s Nursing Reward Program post-graduation.

RISLA Private Student Loan

RISLA Private Student Loan

Min. credit score

680

Fixed APR

4.99-6.94%

Variable APR

N/A

Key facts

RISLA reduces interest rates to 0% for 48 months for nurses who qualify for its Nursing Reward Program. You must live and work in Rhode Island to be eligible, among other criteria.

Pros
  • Income-based repayment plan available, with forgiveness after 25 years.
  • You can see if you’ll qualify and what rate you’ll get without a hard credit check.
  • Partial loan forgiveness for eligible internships; interest forgiveness for qualifying nurses.
Cons
  • Fewer repayment terms available than other lenders.
Qualifications
  • Typical credit score of approved borrowers: 768.
  • Minimum income: $40,000.
  • Loan amounts: $1,500 to $45,000.
Available Term Lengths10 or 15 years

Federal student aid for nurses

Before turning to student loans, nursing students should exhaust free aid options like grants and scholarships, as well as work-study jobs.

For example, the current maximum Pell Grant of $6,195 would cover the average cost of tuition and fees at a two-year public college — $3,730, according to the College Board — if you want an Associate Degree Nursing, or ADN. It may be enough for much or all of a short-term LPN or CNA diploma program as well.

If you have to borrow student loans for nursing school, opt for federal loans before private options. Federal loans come with income-driven repayment plans, which may offer you a more affordable payment if you end up with a lot of nursing student debt or a low nursing salary after finishing your educational program.

Federal loans are also eligible for Public Service Loan Forgiveness. This program eliminates your remaining debt after you make 10 years of eligible payments while working for a qualifying nonprofit or government employer. Some private loans may be eligible for different student loan forgiveness programs for nurses.

Available federal nursing student loans

Nursing students may have access to multiple federal loan options, depending on the degree they’re getting and which school they attend. Borrow them in this order:

  • Subsidized direct loans are available for undergraduate nursing students — those pursuing an ADN or BSN, for example — who demonstrate financial need. The amount you can borrow in subsidized loans is limited, but these loans are a good first choice because the government pays the interest on them while you’re in school.

  • Nursing School Loans are a health professions student loan offered by the federal Health Resources and Services Administration available to undergraduate and graduate students with financial need. Nursing School Loans are subsidized and have no set borrowing limit. However, these loans aren’t available at every school.

  • Unsubsidized direct loans are available to all nursing students, though borrowing limits and interest rates differ between undergraduate and graduate programs. You always pay the interest on unsubsidized loans, making them a more expensive option than the federal loans listed above.

  • Graduate PLUS loans are available for graduate nursing programs, such as MSN degrees. Graduate PLUS loans are unsubsidized and have the highest interest rates and fees among all federal loans. But these loans also have the highest borrowing limits: You can take out up to your school’s cost of attendance, minus other aid received.

You must submit the Free Application for Federal Student Aid to be eligible for any federal loan. Schools typically require the FAFSA for Nursing School Loans as well, but check to see if yours has a different process.

Private loans for nursing students

Undergraduate students may need a private loan for nursing school after maxing out federal options. Private loans require good credit and strong income to qualify; most undergraduate students need a co-signer to meet these lending criteria.

If you’re a graduate student, some lenders offer loans specifically for those pursuing healthcare degrees. These may come with lower interest rates or larger borrowing limits than traditional private graduate student loans. You could also get a better interest rate than with a PLUS loan, depending on your or a co-signer’s credit. Be sure to compare all private student loan options to get the best deal possible.

Last updated on July 10, 2023

To recap our selections...

NerdWallet's Best Nursing Student Loans of April 2024

  • Federal Subsidized/Unsubsidized Loan: Best for All nursing students as a first choice
  • Federal Grad PLUS Loan: Best for Nurses pursuing advanced degrees
  • Sallie Mae Undergraduate Student Loan: Best for Graduate nursing students with strong finances
  • MPOWER Private Student Loan: Best for International nursing students
  • A.M. Money Private Student Loan: Best for Part-time nursing students
  • Avenify Income Share Agreement: Best for Nursing students without a co-signer
  • RISLA Private Student Loan: Best for Rhode Island residents

Frequently asked questions

  • Federal Nursing School Loans are loans whose funding is from the Health Resources and Services Administration. These loans are available at participating schools for students with financial need.

  • If you work at a nonprofit organization post-graduation, your federal loans may qualify for loan forgiveness. Other programs are available to nurses that may also forgive private loans.

  • Nursing students should typically use federal loans before turning to private loans. That's because federal aid offers more flexible repayment options and potential options for forgiveness.

  • A nurse’s debt depends on his or her degree. Registered nurses finish school with an average debt of $19,928 (ADN) or $23,711 (BSN), while nurses with master’s degrees owe $47,321 on average.

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