7 Best Nursing Student Loans of May 2022

Key facts

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 compared with 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 Lengths

10 to 25 years once repayment begins, depending on the repayment plan.

Key facts

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 Lengths

10 to 25 years once repayment begins, depending on the repayment plan.

Key facts

Pros

• One of the few lenders to provide loans to part-time students.

• Borrowers can access online tutoring and free credit score tracking.

• Non-U.S. citizens, including DACA students, can apply with a U.S. co-signer.

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 Lengths

10 to 15 years

Disclaimer

Lowest rates shown include the auto debit. Additional information regarding the auto debit discount: The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit 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. 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. Payments may be required during the grace/separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRS assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. Advertised APRs are valid as of 05/13/2022. Loan amounts: Loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Sallie Mae reserves the right to approve a lower loan amount than the school-certified amount. 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 9.09% fixed APR, 51 payments of $25.00, 119 payments of $165.12 and one payment of $120.52, for a Total Loan Cost of $21,044.80. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 9.47% fixed APR, 27 payments of $25.00, 179 payments of $119.57 and one payment of $55.39 for a total loan cost of $22,133.42. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years.

Key facts

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 Lengths

10 years

Key facts

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 Lengths

5 years, but can extend to up to 10 years.

Key facts

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.

• Forbearance of 24 months is longer than many lenders offer, and borrowers can access national disaster forbearance as well.

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 Lengths

10 years

Key facts

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 Lengths

10 or 15 years