Loans | College of Nursing (2024)

FAQs

Are they forgiving nurses student loans? ›

The Public Service Loan Forgiveness (PSLF) program offers student loan forgiveness for nurses who are working full time for a government or nonprofit organization by paying off the remainder of their loans after the first 120 payments.

The median amount of student loan debt anticipated by graduate nursing students upon completion of their program was between $40,000 and $54,999.

The average cost of a bachelor of science in nursing (BSN) is between $8,000 and $55,000. The average student loan debt for a BSN is $23,711.

How can a nurse pay off student loans faster? Nurses can look for high-paying nursing jobs to pay off student loans, enter a loan forgiveness program, consolidate loans, or take advantage of income-based payment programs. Federal loan servicers are legally required to provide free advice on repaying your loans.

Because you have to make 120 qualifying monthly payments, it will take at least 10 years before you can qualify for PSLF. Important: You must still be working for a qualifying employer at the time you submit your form for forgiveness.

Interestingly, in California, the average RN earns $133,340 annually and pays roughly $3,215.10 toward necessary monthly expenses. Despite the high cost of living, RNs in California have the potential to pay off their student loans in as little as 2.56 years.

GPA requirements depend on the type of nursing program you want to apply for, but most programs require at least a 3.0 GPA or higher. However, due to the competitive nature of nursing programs, most schools prefer a 3.7 to 4.0 GPA.

Nurse Corps Loan Repayment (NCLR) Program: Created for registered nurses, advanced practice registered nurses, and nurse faculty, this program pays up to 85% of unpaid debt in exchange for working in a facility with a nursing shortage or as a nurse educator.

Most financial advisors recommend the 50/20/30 rule for budgets. Under this plan, individuals use half their income for essential expenses, 20% for savings, and 30% for nonessential expenses. While few students follow this rule to the penny, 50/20/30 provides a strong foundation for budgeting in nursing school.

Nearly three-quarters of nursing students graduate with student loan debt. Nursing student loans are the largest source of funding to cover rising tuition bills. Nursing student loan debt is also one of the largest financial burdens faced by working families.

What is the average bad debt in healthcare? ›

The average hospital bad debt amount across nearly 4,500 U.S. hospitals for 2021 is $11.5 million. The median figure is $4.3 million. The average bad debt to net patient revenue ratio for these hospitals is 46.6% and the median is 15.7%.

Generally speaking, a good debt-to-income ratio is anything less than or equal to 36%. Meanwhile, any ratio above 43% is considered too high. The biggest piece of your DTI ratio pie is bound to be your monthly mortgage payment.

Some hospitals and other employers will offer student-loan repayment in an effort to recruit physicians. This can be a substantial benefit for a resident with significant residual medical education debt. Many loan-repayment programs come with strings attached.

Look into HRSA loans

Full-time, disadvantaged students pursuing a diploma or an associate, baccalaureate, or graduate degree in nursing might be eligible for these loans. As of 2020, these loans have a 5.00% interest rate and 10-year repayment term, plus a nine-month grace period where interest doesn't accrue.

The Public Service Loan Forgiveness (PSLF) Program: After making at least 120 income-driven payments, nurses and other eligible employees may have the remainder of their balance forgiven under this federal student loan forgiveness program.

All borrowers on SAVE receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school. The benefit is based upon the original principal balance of all Federal loans borrowed as a student to attend school, not what a borrower currently owes or the amount of an individual loan.

Eligible nursing students can apply to the Nurse Corps Scholarship Program. If accepted, we pay your tuition, fees, and other educational costs, along with a monthly stipend. In return, after you graduate, you work at an eligible health care facility with a critical shortage of nurses (critical shortage facility).

You're covered. With a Smart Option Student Loan®, you can get the money you need to pay for nursing school. Cover everything from tuition to housing to travel, and even your training materials, equipment, and test fees if they are included in your school's cost of attendance.