Nursing Student Loans Private Financial Aid

Nursing Student Loans Private Financial Aid

Nursing Student loan from Government

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One of the federally funded loan programs is the Nursing Student Loan (NSL) program which has low interest and a long term repayment plan. All students studying for diploma, Associates, Bachelor and Master degree in nursing are eligible for the NSL. The NSL is a campus based program and the funds are allocated through the financial aid department of your nursing school. To apply for the NSL

  • Check with your school authorities if they participate in the NSL program
  • If they do, make sure you file the FAFSA without fail as the basis of NSL funds is the FAFSA application. If you forgot to apply the FAFSA in time, you can count yourself out of the NSL program
  • Apart from FAFSA, separate application also needs to be submitted to the NSL program through the financial aid office of your nursing school
  • Your application has to be submitted along with the Master Promissory Note that will be provided to you by your nursing school
  • Under this program, preference is always given to students who require financial assistance

While these governmental loans are a blessing, not all are able to avail it. For one, Stafford loans and the state-based loans alone cannot cover the entire cost of education, let alone the other expenses. This is especially so at the graduation level. Also these loans have annual as well as lifetime limits and if they are met before your application is processed, you will be left high and dry. Furthermore the government nursing loans are aimed at helping disadvantages or financially needy students and if you do not suit any of these categories, you may have to seek financial help elsewhere.

As the government financial aid and federal student loans do not meet all education and other expenses, private lenders loan out required amounts. (más…)

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