Are Student Loans Worth It For Nursing?

Student loans are very crucial as they aid students in going to college without worrying too much about payment for tuition and some other important dues. It gives the students leverage to think majorly about themselves for the time they are enrolled in school. A lot of success stories begin with student loans, but few of them really shine. Here we will see about Are Student Loans Worth It For Nursing?

The magnificent world of Nursing isn’t left out in the debacle of the worthiness of a course to an application for a student loan, and if you’re wondering if it is worth it, IT DEFINITELY IS! Nursing has a lot of benefits (post Nursing school) as nurses are paid decently and hardly have to worry about underpayment by their employers. Student loans, generally aren’t the easiest to pay off, but Nursing has some peculiarities, which are highlighted below.

Are Student Loans Worth It For Nursing?

Why Student loans are worth it for Nursing?

  • Work while in school
  • Public Service Loan Forgiveness
  • Loan repayment programs
  • Student loan refinancing
  • Work while in school: Numerous student job opportunities are made available for students to make extra cash while they study. Not all students may be able to keep up with it, but the few that can, are better for it. They have extra money to aid in their day to day living expenses and can spend that extra dollar for a Venti-sized cup of coffee at Starbucks. Nurses are not left out in this as it is possible to work part-time (and for those willing to put in the hard work, full-time) while in nursing school.
  • Loan repayment programs: Some programs support 60% of your unpaid nursing school debts (federal or private) after two years of working full-time. The two major programs are: the Nurse Corps Loan Repayment Program (preferable for nurses with private loans) and the National Health Service Corps Program (preferable for nurses working part-time in a shortage area).

In the Nurse Corps Loan Repayment Program, Nurses who work an extra year, after two years full-time may qualify for 25% extra of their original amount. Here, you must pay taxes on money received from the NCLR Program, and only licensed registered nurses, advanced practice registered nurses, faculty members at an accredited nursing school and workers in a hospital or clinic that is experiencing a significant nursing shortage are eligible.

In the National Health Service Corps Program, full-time and part-time nurses with federal and private nursing school loans can be eligible, but the amount of forgiveness you receive is determined by your employment status and the needs of the community where you work. Payments you receive from this program are tax-free and for a full-time three-year commitment, nurses can receive up to $75,000 against their school loans or take up a part-time program valued at up to $37,500. Both options are open to nurse practitioners, licensed nurse midwives, and psychiatric nurse specialists. 

Note that you cannot use both programs at the same time.

  • Public Service Loan Forgiveness: This option (established in 2007) aids nurses who work for a non-profit organization or the government. As long as you are a registered nurse or a nurse practitioner, you qualify for the PSLF. After making 120 eligible payments while working full time for a qualifying company, PSLF forgives your remaining federal direct loans tax-free; private loans are not eligible. To keep your payments ever lower, you can decide to use an income-driven repayment plan, while also forgiving most of your debt. You pay monthly at a specified percentage, over 20 or 25 years.
  • Student Loan refinancing: This is a big help to those who do not qualify for Student Loan Forgiveness. Here, private lenders save you money, but you’ll need a stable source of income and a credit score in the higher 600s, as some nurses, even with stellar credit, have trouble getting approved. For nurses with low debt-to-income ratios, they may be eligible by adding a co-signer who fits the requirements set by the lender. If you qualify for PSLF, don’t refinance federal loans; they’ll be ineligible.

Loans and Nursing School

The average nursing student is expected to graduate with a debt ranging between $40,000 and $55,000. But depending on the type of program, it may reach heights of $80,545. As more than 70% of nursing students use these loans (according to the National Student Nurses’ Association), your average is a result of how long you spend in school.

How Much Money Does a Nurse Make?

According to PayScale, the average pay for a nurse is $68,148. On the low side, they make $51,000 and on the high side, they make $92,000. With several bonuses and health benefits, you can be sure about saving money on a whole load of expenses.


Whether you are applying as a doctor, nurse, engineer or any other equally important course, a student loans can save you a lot and give you a free mind to make those ‘A’s and make your family proud. If you’ve been contemplating applying for a student loan, ensure that it is feasible for you to pay it off in time to come, so you don’t spend the rest of your lifetime, remitting your debts.

Frequently Asked Questions

  1. What if you default on your student loans?

If you pass the minimum number of days (90 days), it’s considered late, and your credit score will take a huge hit. If after 270 days, the student loan is still unpaid, it may be turned over to a collection agency for collection and is considered delinquent.

  1. What is the fastest way for nurses to pay off student loans?

The National Health Service Corps (NHSC) Loan Repayment Program offers qualified licensed nurse practitioners up to $50,000 to pay off their student loans.

  1. Are student loans forgiven after seven (7) years?

After seven (7) years, student loans do not disappear. If after seven and a half years (7.5) years, no payment is made, the debt and missed payments can be deleted from your credit report.

  1. Do hospitals assist in the repayment of student loans?

Yes, nurses have even more options than only National and State loan repayment schemes. Some individual hospitals across the country also provide aid with repaying student loan debt.