Category: Nursing Loans

Stafford Student Loans

Higher education continues to grow in expense, such that an elitist class of people can only afford to pay for it outright. The rest of the population has to turn to financial aid packages, which regularly include federal Stafford student loans. These loans take up the bulk of a lot of financial aid packages and make it possible for everyone to get a higher education degree. There are a couple of different Stafford loans but only one way to apply for them.

How To Apply For A Stafford Loan

A federal subsidized Stafford loan means that the federal government pays the interest on your student loan while you are in school at least half time, carrying eight to twelve credits, depending on the institution of higher learning which you attend. Unsubsidized Stafford loans accumulate the interest regardless of whether or not you are in school, thereby compounding the amount you owe to a greater degree and sum by the time you have graduated and finished your degree. Obviously then, you would want to apply for direct Stafford loan that’s subsidized first, and unsubsidized second or last depending on what else you can get in your financial aid package.

Every year starting in February, college students can go online to FAFSA.gov to fill out their applications for the following school year’s financial aid package. The FAFSA, or Federal Application For Student Aid, is a long and lengthy application when first filled out, but gets easier every year as long as nothing changes in income, assets or other monetary items that would affect aid or the receiving thereof. Students, if under a certain age and still technically under their parents’ charge, would have their parents fill it out as it is based on the parents’ income tax forms from the previous year and their fiscal picture. If the student is married or independent of their parents’ home and can provide proof of such, or if they are a non-traditional older student, parents’ income and taxes are no longer necessary to the application. It then becomes the student’s responsibility to show proof of need and income and any tax forms they had filed for the previous year. Once complete and FAFSA has received accurate documentation, it takes a few months without corrections to develop an offering of a financial aid package, and the student has to check on the form that they are interested in federal Stafford student loans.

Paying The Loans Back

Once a student has finished their degree and graduated, the student loan grace period is two months. Two months are given to everyone to find a job and start paying the loans back. At this point and time the interest will start to accrue unless you have also chosen unsubsidized Stafford loans, which, if you remember, the interest has been accruing all along.

If you find that you can not pay your loans back because of financial hardship or can’t find a job in your field, there is such a thing as a Stafford loan forgiveness program. This route isn’t for everyone; it usually involves extremely stressful and potentially dangerous service in areas of the country or globally where poverty and crime rates are high, even among young adults and teens. For example, taking a job as a teacher in the roughest neighborhood in Harlem or Milwaukee and serving there on staff for x amount of years, the federal government will take note of your service (you have to notify them that you’ve taken the position, of course!) and completely excuse your loan. If you don’t mind this work and want to make a difference in such difficult communities, then this might be the perfect way for you to get your education for “free”. There is also an enrollment application for this program in most states, and it can be downloaded from the government’s financial aid website or you can get a copy from the college financial aid office. Don’t do this though, until you’re certain you have a job that qualifies for forgiveness.

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Student loans for nursing students with bad credit

Perkins loan forgiveness for nurses

Loans provided on lower rate of interest are considered as Perkins loan. More often than not, students are the one allowed this type of special treatment from banks and government. Special schemes of governments are to make sure that students in need do not find it difficult to have financial support in terms of loan. Such loans are issued on less rate of interest than usual. Even after that few students because of the circumstances find it almost impossible to pay back the loans. The Perkins loan forgiveness plans are especially created for such students. Since now the unemployment on rise, finding a job even for a nursing students can be a hassle.

Perkins forgiveness for Nurses

We all are aware of the fact and believe that medical studies have turned into the most expensive ones. One who wishes to have a medical degree does need to have a strong economic support from family. Getting admitted in renowned government college needs tremendous competition to face and private colleges charge fee, which is much more than just expensive. Thus, a nurse or nurse on training is left with no other option than to look for nursing Perkins loans forgiveness. Though governments in different parts of the world have come up with some exceptional plans for such students who cannot afford to make payment of the whole fee, and still wish to have admission in nursing colleges. But in maximum cases it fails to reach to those who actually require it.

But in order to receive this special grant, one needs to posses the required qualification. Forgiveness on nursing Perkins loans will only be offered if the candidate meets with the basic requirements. Volunteer work, recent record and academic background are some of the criteria of selection for this purpose. Human resource management heads of the department are well aware of a particular grant and therefore, approaching them can be beneficial.

It has been seen that nurses, offering services for educational instituted especially originated for students belonging for poor classes, are eligible for Perkins loan for nurse forgiveness. Members of Army National Guard like association can also ask for these sorts of grants. The idea is one need to deserve in order to actually take benefits of this scheme. In due course of time, such student loan forgiveness is extremely important as it assist poor student to come out of so many troubles. Bear in mind only special types of Perkins fall under the category where relaxation is granted.

Nursing education loan repayment program – NELRP

Good Deeds Can Be Rewarded

The US Nursing Education Loan Repayment Program (NELRP) is a program that was started by various government departments and agencies for the express purpose of flooding qualified nurses into areas where there might be a shortage. In doing this, the government has been able to provide excellent healthcare to places that tend not to attract new nurses that are fresh out of college. There are many programs like these in other career fields, but NELRP is one of the most rewarding.

Receiving Assistance

Basically, the inner workings of the program allow those nurses who might otherwise struggle with the rising cost of education to be able to pay for their schooling in a matter of months instead of decades. Nurses are the backbone of the medical industry, and it is important to get these nurses where they are needed most. Thus, the Department of Education and other Federal loan assistance agencies unveiled NELRP to address the issue of medical staff shortages in problem areas.

In order for the nurse to take advantage of NELRP, there are a few steps that need to be taken; however, the rewards most definitely outweigh the risks.

What Should You Do?

First, you will want to make a phone call to Diversity and Basic Nurse Education Branch at 1(866) 813-3753. They will be able to refer you to the application process, or even mail you the application and other informative materials on program benefits and requirements.

Diversity and Basic Nurse Education Branch
Nurse Education Loan Repayment Program (NELRP)
5600 Fishers Lane, Room 9-36
Rockville, MD 20857

View more details “http://www.govloans.gov/loans/loan-details/449”

The basic plan entails that if a nurse works in an approved area for a matter of three years, NELRP will assist with up to 60% of education costs. If that nurse decides to work three years in that area, then NELRP will cover up to 85% of those costs. A nurse will also be able to apply for the third year in the even that he or she signed for only two.

If you are a nurse, be sure to check out this program, as it could be extremely rewarding. Nursing education loan repayment program for nurse faculty is also a providing boost to nurse educators.

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How to get a loan without a job and bad credit for nursing students

Getting a Loan While Unemployed and With Bad Credit

Wondering how to get a loan? Are you unemployed? Do you have bad credit? The good news is you don’t have to have either of those in order to qualify for a loan. Most banks and third-party lenders unfortunately won’t take the chance on someone if there is no foreseeable income in your future but there are a few different routes one can take if you are in a bind and you need help. Here are a couple of options for you to consider:

You could look into getting help from charitable organizations in your area, for one. Using the internet or word of mouth, you can find out the different services these organizations offer. Most offer to help with specific reasons such as needing help paying for a utility bill or needing help filling a medical prescription.

Others offer help with building homes for you if you meet their qualifications and requirements.

The organizations vary from city and state so if you have the time, this is an option to consider. These are rarely loans and are more often than not are granted to needy individuals and families.

If you know someone with fairly decent credit, you could look into getting a secured loan with the other person as a cosigner. These are usually done within banks and you normally have to offer some sort of collateral that is worth the value of the loan that you are taking out. The person you want to cosign with you also has to be OK with the fact that they’re going to have to make the payments on your behalf until you can prove that you have a job. This can prove to be difficult because there are few people who are willing to put their name on something in which they will have to make the payments for.

You can search online or in person for companies that offer personal loans. With the economy how it is and the numbers of people who are in a financial bind, companies now are offering a wide variety of different types of loans for individuals. However, be wary of this route. There are very few who don’t run credit checks and/or job verification checks. There are also a lot of scams offering a quick cash loan without a credit check and job verification. Be careful if you choose to do this.

Another possible route to take is asking friends and family members for the help you need to get of your financial bind. You can keep a log book of how much money was loaned to you and make sure you discuss and agree on all of the details before this arrangement has been made. It is for both of your benefits that a detailed record be kept of all monies paid out and received back.

These are some of the options of how to get a loan while you’re unemployed and have bad credit. Whatever route you decide to take, make sure it is something that you have looked into and done some research on. The last thing you need is to be in more debt when it could have been easily avoided.

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Student loan forgiveness for nurse educators

How to get Student loan forgiveness for Nurse Educators

Student loan forgiveness is a US government program that helps the registered educator nurses with certain non-profit healthcare services and loan forgiveness. The program participants get 60% from the total nursing education loan. They also get salary and other benefits that based on the negotiations with the employing facility.

Requirements for taking student loan forgiveness:
Below are the eligibility criteria for taking loan payment:

  • You should have degree of Doctoral, any Associate Degree, and Bachelors Degree, Masters Degree or diploma in nursing.
  • You must have completed full time with 32 hours in a weak as a Registered Nurse (RN). Alternatively, you should have current, unencumbered, permanent or unrestricted license that show your practice as a RN and the license should be authorized in the State where you performed your practice.
  • You must be a US national, US born, US citizen, legal permanent resident.
  • You must have worked as a full time nurse faculty member at any non-profit nursing school whether it is public or private.
  • You must have completed education in the nursing program for which loan balance is applied.

Eligible Facilities Types:
Eligible facilities to take student loan forgiveness for nurses are as under. Remember just non-profit facilities are able to take loan from the following types:

  • Hospitals
  • Skilled nursing Facilities
  • Hospice programs
  • Federal level Qualified health centers
  • Rural health clinics, native Hawaiian health centers, Indian service health centers
  • Human services department
  • Local or State public health
  • Nursing homes

First preference applicants for funding:

  • Those applicants have loan preference that got 40 percent total educational loan after qualifying or greater from their base annual income.
  • It is also given to those nurses that are working in the facilities types that contain the large amount of stern nursing shortage.

Before you apply:

  • Keep in mind that applications for student loan forgiveness are accepted only once per year.
  • Read the loan program guidelines as well as the application carefully as the program guidelines updates yearly.
  • There is an agreement in the application that requires you to accept the point that you will serve two years at facility that are displayed on your application form.
  • In case they select you and you do not fulfill the listed obligations then you will have to face severe financial penalty.

Application process:
To apply for student loan forgiveness for nurse educators loan program follow below steps

  • Choose the loan forgiveness organization from where you want to take the loan. For example HRSA service or student loan organization.
  • Complete the general information and agreement section on application form and then submit the form.

What to expect:

  • If an applicant is selected for NELRP program award, then a contract will be signed from secretary of health and human services. Keep in mind, the contract will not be effective without Secretary’s sign. You will receive a copy of contract, payment authorization worksheet (PAW) and award letter.
  • You will get monthly award payment in two years. Electronic funds shift to saving or checking account of participants.

Student loans for nursing students with bad credit

How to get student loans for nursing students with bad credit

Students who wish to study further often lose hope and discontinue their studies due to lack of funds. This mainly happens because they feel that no or bad credit is going to affect their chances of securing a loan. However, what these students don’t know is it is completely wrong and they can secure a student loan even if they have no or bad credit. The same thing is applicable for students pursuing a course in nursing.

What types of loans are available for nursing students with bad credit?

There are basically two types of loans available for nursing students with bad credit. These include the federal government loans and special loans granted by private lenders or banks. The loans granted by private lenders include the Sallie Mae or Wells Fargo. The key lies in finding the best loan that offers you the best rates.

The requirements to get nursing student loans for students with bad credit

The requirements for nursing students to get student loans are simple. The person just needs to be employed and must be above 18 years of age and should be a citizen of the United States.

Tips to get nursing student loans for students with bad credit

Consider all the options: This mostly includes going through all the options that may help you get a loan. This includes contacting the school finance aid office, lenders and private companies that offer loans to students, online databases of private lenders and companies that offer loans for students and so on.

Consider Federal Education loans: These mostly include loans that are granted by government. These are mostly categorized into subsidized loans and unsubsidized loans. The former are provided to students demonstrating financial needs.

Have a cosigner for your loan: There are many private lenders who can grant loans to students with bad credit if they show a cosigner. A cosigner is a person who agrees to payback the loan in case the student fails to repay the loan. It is better to have a cosigner who has a good credit as it will help the nursing student to get a loan at improved interest rates.

So, don’t live under the impression that you can’t pursue your career in nursing only because your have a bad credit and can’t get an educational loan. Just keep the things mentioned-above in mind and see you will end-up getting a good education loan.

Also view how to get students loans forgiven article.