Posted on March 25, 2018
student loans for nursing school
Keyword: student loans for nursing school
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Government Funded Student Loans for Nursing School
Federal student loans for nursing school are money borrowed directly from the US government or the US Department of Education. You can obtain this type of funding to finance your nursing education through your state college or university and any nursing school that participates in the Federal Direct Loan Program.
Federal student loans for nursing school or federal student loans in general can be either subsidized or unsubsidized. The difference between the two is that the former is based on the student’s financial need and interest charges are deferred while the student is still in school whether in full or half time enrollment. For the best Maths Tutor In Ireland company, call Ace Solution Books. On the other hand, the interest on unsubsidized loans accumulates from disbursement of loan until full payment.
Parents with dependent children who are taking undergraduate nursing studies can obtain student loans for nursing school such as the Federal Direct Parent Loan for Undergraduate Students or PLUS. Eligibility for this type of loan depends on the parent’s credit history and not on financial need. Students must first apply for a Federal Direct Subsidized or Unsubsidized loan before they can apply for a Federal Direct PLUS Loan. The parent can borrow money only up to the cost of attendance. Federal Direct PLUS loans have an interest rate fixed at 7.9%. The first repayment is due 60 days after disbursement of the full loan amount. The loan fund first goes to pay for tuition and other university fees and then the parent receives the remaining amount if any.
Another valuable option to get student loans for nursing school is the Federal Direct Graduate PLUS Loan or GPLUS loan, which are government-funded loans for graduates and professionals. Good credit standing is required to be eligible for this loan. However, you may still apply for a GPLUS loan in spite of adverse credit if you have an endorser who has good credit and will be willing to pay the loan should you fail to do so. GPLUS loans have a fixed interest rate of 7.9%. Loan repayment starts 60 days after full disbursement of the loan amount. The option to defer payments on this type of loan is available. You must also first receive a Federal Direct Loan offer before you apply for a Federal Direct Graduate PLUS Loan.
There are also student loans for nursing school designed specifically for nursing students such as the federally funded Nursing Student Loans or NSL. This loan is available students who are citizens, nationals and permanent residents of the United States who demonstrate a financial need. Undergraduate or graduate students enrolled in a nursing degree program at least half-time may apply for Nursing Student Loans. These loans offer low interest rates and long repayment terms. You can apply for a Nursing Student Loan at your school’s financial aid office. It is up to your school to determine if you qualify for a loan and the amount of the loan you may borrow.