Introduction to private nursing school loans

Private nursing school loans can be a vital tool to cover expenses when federal aid, scholarships, and savings aren’t enough. For nursing students, costs often extend beyond standard tuition to include clinical equipment, uniforms, and certification exams, making these specialized loans a practical solution to bridge the funding gap and allow you to focus on your demanding program.

The financial pressures are unique to this field. Beyond tuition, students must budget for scrubs, stethoscopes, and mandatory licensing exam fees like the NCLEX. The intensity of many nursing programs, especially accelerated tracks, also makes holding a part-time job difficult, increasing the need for financial support. This guide is designed for both students planning to manage future debt on a nurse’s salary and parents looking for the best way to help without jeopardizing their own credit.

Here, you’ll learn how to find and compare the best private loans for your nursing degree. We will cover lenders specializing in healthcare education, key loan features to evaluate, and how to navigate the application process. According to Mark Kantrowitz, financial aid expert, “Private loans can be a good option when federal loans don’t cover the full cost of attendance.” To make an informed decision, the first step is understanding exactly what those costs are.

Understanding nursing school costs by program type

The total cost of nursing school extends far beyond tuition and varies significantly based on the degree path you choose. While a traditional four-year Bachelor of Science in Nursing (BSN) spreads costs over time, accelerated programs compress them into a shorter, more intense period. Graduate degrees for advanced practice roles carry the highest price tags. Understanding these differences is crucial for accurately estimating your funding needs.

To get a clearer picture, it helps to compare the typical costs associated with each program type. These estimates include not only tuition and university fees but also an allowance for books, supplies, and clinical equipment, which are significant expenses in nursing education.

Beyond the figures in the table, you must also budget for nursing-specific “hidden” costs that can add thousands to your total. These include mandatory expenses like scrubs and supportive shoes ($200+), a quality stethoscope ($100-$250), background checks, immunizations, and potential transportation costs to clinical sites. Finally, all graduates must pay for licensing exam fees. According to the National Council of State Boards of Nursing, the NCLEX-RN registration fee is $200 as of early 2025. For a broader overview of college expenses, see our guide to understanding the cost of attendance.

When all these expenses are combined, the total cost can easily surpass the annual borrowing limits for federal student loans. This is especially true for students in high-cost areas or those pursuing intensive, full-time programs that leave little room for part-time work. It’s at this point—when federal aid is maxed out—that private loans become a necessary tool to cover the remaining gap.

When private loans make sense for nursing students

Deciding to take out a private loan is a significant step that should come only after you’ve exhausted all other financial aid avenues. The core principle is simple: federal first. Federal student loans offer protections like income-driven repayment plans and loan forgiveness programs that private lenders typically do not. However, as the previous section showed, the high costs of nursing school often create a funding gap that federal aid alone can’t close, especially since annual federal loan limits for undergraduate students are capped.

Private loans are designed to bridge that specific gap. They become a logical next step in several common nursing school scenarios. Students in accelerated BSN programs face concentrated costs over a short period with little opportunity to earn income. Similarly, second-degree students may find their eligibility for federal aid is limited due to previous borrowing. In these situations, a private loan can be the key to completing a degree on time.

Before you begin comparing private lenders, confirm that you’ve completed these essential steps. According to Betsy Mayotte, president of The Institute of Student Loan Advisors, “In general, federal loans should be your first stop, but private loans can be appropriate when you’ve maxed out your federal eligibility.” Use this checklist to ensure you’re ready:

• Complete the FAFSA: You’ve submitted the Free Application for Federal Student Aid to access federal grants, work-study, and loans.
• Maximize Federal Loans: You’ve accepted the full amount of Federal Direct Subsidized and Unsubsidized Loans offered to you. Graduate students should also consider Grad PLUS loans.
• Pursue Free Money: You’ve actively searched and applied for nursing scholarships and grants.
• Explore Other Resources: You’ve checked with your employer (or a parent’s) about any available tuition assistance programs.

If a funding gap remains after ticking every box, it’s the right time to consider a private loan. By viewing it as a strategic investment in a high-demand career with strong earning potential, you can borrow with confidence. Now, let’s explore the lenders that specialize in helping nursing students like you achieve their goals.

Private lenders specializing in nursing school loans

Once you’ve confirmed a private loan is necessary, the next step is to find the right lender. The private student loan market is competitive, and several lenders offer products specifically designed to meet the unique needs of nursing students. While many general lenders provide excellent options, some go further by offering benefits like funds for certification exams or extended grace periods that align with post-graduation licensing and job-seeking timelines.

These specialized features can make a significant difference. For example, a loan that covers the cost of the NCLEX exam removes one more financial hurdle on your path to licensure. Similarly, a longer grace period can provide crucial breathing room, allowing you to secure a position before your first payment is due. Below is a comparison of some established private lenders who are popular choices for nursing students.

Source: Rates compiled from lender websites as of March 2025. Rates are subject to change and depend on creditworthiness.

As the table shows, options and terms vary widely. Most undergraduate students will need a creditworthy cosigner to qualify for the best rates. According to Mark Kantrowitz, financial aid expert, “Most students will need a cosigner to qualify for a private student loan.” For parents or family members acting as cosigners, the cosigner release option is a critical feature. It allows the cosigner to be removed from the loan after the student makes a certain number of on-time payments, protecting the cosigner’s credit in the long term.

With a better understanding of the lenders available, you can start comparing options tailored to your needs. Compare rates from 8+ lenders to see what you qualify for. Understanding these lenders is the first step, but knowing how to weigh their features is what ensures you make the best choice for your financial future.

Key features to evaluate in nursing school private loans

Beyond comparing interest rates, the best private loan for your nursing education will have features that align with the unique demands of your program. Lenders who understand the healthcare field often build in flexibility that can significantly reduce financial stress during and after your studies. Evaluating these benefits is just as important as securing a low rate, as they provide a crucial safety net for both students and their cosigners.

As you compare your options, look closely at these nursing-specific loan features:

• Expanded Cost Coverage: Some lenders allow you to borrow funds not just for tuition but also for essential career-related expenses. Why it matters: This can cover costs for NCLEX prep courses, registration fees, and other certification exams, preventing you from having to pay for these critical career steps out of pocket when cash flow is tight.
• Flexible In-School Repayment Options: The intensity of clinical rotations often makes part-time work impossible. Look for lenders that offer deferred payments, interest-only payments, or small flat-fee payments while you are in school. Why it matters: These options keep monthly obligations manageable during your most demanding semesters, preserving your focus for your studies.
• Post-Graduation Grace and Deferment Periods: Many lenders offer a standard six-month grace period after graduation. However, some provide longer periods (e.g., nine months) or allow for forbearance or deferment while you are studying for board exams. Why it matters: This extra time allows you to pass the NCLEX, secure your license, and start your first job before loan payments begin, ensuring a smoother financial transition into your career.
• Interest Rate Structure: You’ll choose between a fixed interest rate, which stays the same for the life of the loan, and a variable rate, which can fluctuate. Why it matters: A predictable fixed rate is often safer for longer BSN or graduate programs. For a shorter accelerated program, a lower initial variable rate could be a calculated risk, but it’s essential for both the student and any cosigner to understand that payments could rise.

By prioritizing these features, you can select a loan that works with the realities of a nursing curriculum. Once you’ve identified lenders that offer the flexibility you need, the next step is to understand what it takes to qualify.

Eligibility requirements and application process

Navigating the application for a private nursing school loan is a straightforward process when you know what lenders are looking for. Eligibility primarily hinges on creditworthiness, enrollment status, and your school’s certification. For most students, this means working with a creditworthy cosigner, typically a parent or guardian, who can help secure approval and a competitive interest rate. Understanding these requirements ahead of time will help you and your cosigner prepare a strong application.

While each lender has its own specific standards, most evaluate the same key factors. Meeting these criteria is the first step toward securing the funds you need for your nursing program.

• Credit Score and History: Lenders typically look for a FICO score of 650 or higher. Since many nursing students have a limited credit history, a cosigner with a score above 700 will significantly improve the chances of approval and help qualify for lower interest rates.
• Cosigner Requirements: A cosigner with a stable income and strong credit history is often necessary. The cosigner agrees to take on legal responsibility for the loan if the student is unable to pay, providing a crucial layer of security for the lender.
• Enrollment Status: You must be enrolled at least half-time in a qualifying degree-granting program at an eligible school. This applies to all nursing tracks, from traditional BSN programs to accelerated ABSN and graduate-level MSN or DNP degrees.
• Income Verification: For traditional, full-time students, the cosigner’s income is the primary factor. However, if you are in a program like an RN-to-BSN and continue to work, the lender may also consider your income during underwriting.

Once you’ve identified a few potential lenders, the application process generally follows a clear path from pre-qualification to disbursement.

1. Gather Documentation: You and your cosigner will need to provide basic personal and financial information. This includes government-issued IDs, Social Security numbers, proof of income (like pay stubs or tax returns), and your nursing school’s official cost of attendance.
2. Submit the Application: Most applications are completed online and take about 15 to 20 minutes. You’ll enter your information and your cosigner’s, and the lender will typically perform a soft credit check to see if you pre-qualify without impacting your credit score.
3. Receive and Review Your Offer: Approval can take anywhere from a few minutes to several business days. If approved, you will receive a loan disclosure statement detailing the interest rate (APR), loan term, and monthly payment options. Review this carefully with your cosigner before accepting.
4. School Certification and Disbursement: After you accept the loan, the lender sends the details to your nursing school’s financial aid office. The school certifies your enrollment status and the loan amount needed. Once certified, the funds are sent directly to the school to cover tuition and fees. This final step can take several weeks, so it’s wise to apply well before your tuition deadline.

With a clear understanding of the application process, you can confidently move forward. The next critical step is to determine exactly how much you need to borrow to cover your costs without taking on unnecessary debt.

Calculating your nursing school borrowing needs

Borrowing the right amount is a critical part of a responsible financial strategy. The goal is to cover your educational expenses without taking on more debt than necessary, which starts with creating a detailed budget. By carefully calculating your total costs and subtracting the resources you already have, you can pinpoint the precise funding gap you need a private loan to fill. This prevents over-borrowing and sets you up for manageable repayment after graduation.

To determine your borrowing needs, follow this simple framework. Start with the official figures from your school and then layer in the unique expenses of a nursing program.

• Start with the Cost of Attendance (COA): Your school’s financial aid office provides a COA that estimates tuition, fees, room, board, and books. This is your baseline.
• Add Nursing-Specific Costs: Include items not always covered in the COA, such as NCLEX exam fees and prep courses (~$500), clinical supplies like stethoscopes and scrubs (~$300), and potential travel costs to clinical sites.
• Subtract All Secured Funding: Deduct the total amount of federal loans, scholarships, grants, family contributions, and personal savings you have already secured.
• The Remainder is Your Funding Gap: The final number is the amount you may need to cover with a private loan. It’s wise to consider adding a small buffer of 5-10% for unexpected costs like a course retake or additional certification fees.

Finally, weigh your total projected debt against your future earning potential. According to the U.S. Bureau of Labor Statistics, the median annual salary for registered nurses was $86,070 as of May 2023. A good rule of thumb is to aim for a total student loan balance at graduation that is less than your expected starting salary, which helps ensure your payments are manageable. For more on this, explore our resources on managing student loan debt.

With a clear borrowing target, you can approach lenders with confidence. However, your specific program—whether it’s an accelerated track or a doctoral degree—can introduce unique financial variables worth considering.

Special considerations by nursing program type

While the core principles of borrowing apply to all nursing students, your specific degree path introduces unique financial challenges and considerations. Lenders recognize these differences, and understanding them can help you choose a loan that aligns perfectly with your program’s structure, timeline, and costs. Whether you’re in an accelerated program or advancing your clinical practice, your borrowing strategy will need to be tailored to your situation.

ABSN programs compress a full BSN curriculum into 12-18 months, creating intense academic and clinical demands that make part-time work nearly impossible. This means you’ll likely need to finance not just tuition but also your living expenses for the duration of the program. Private loans that cover up to 100% of the school-certified cost of attendance are essential here, as federal loan limits may not be sufficient to cover the concentrated costs.

If you’re pursuing nursing as a second bachelor’s degree, you may have already used a significant portion of your lifetime federal loan eligibility. Students are subject to aggregate loan limits for federal borrowing. If you’ve hit that cap, private student loans are often the only way to finance your nursing education, as they do not have the same cumulative borrowing restrictions.

Students in advanced practice programs like Nurse Practitioner (NP) or Doctor of Nursing Practice (DNP) face the highest costs. While federal Grad PLUS loans are a primary funding source, they may not cover all expenses, especially in high-cost specialty programs like nurse anesthesia (CRNA). Private loans can fill the remaining gap for tuition, specialized equipment, research costs, or professional development opportunities like attending conferences.

Many RNs complete BSN programs while continuing to work, often part-time. A major consideration here is employer tuition assistance. If your employer’s contribution doesn’t cover the full cost, a smaller private loan can be a flexible way to fund the difference without disrupting your budget. Since you have an income, you may also have a better chance of qualifying for a loan without a cosigner.

For non-U.S. citizens, securing a private loan typically requires a creditworthy cosigner who is a U.S. citizen or permanent resident. This is the most significant hurdle. Some lenders specialize in loans for international students, so it’s crucial to seek them out specifically. Having a qualified cosigner is non-negotiable for most lenders and is the key to accessing private funding.

Finding the right loan for your specific program is a crucial step. You can compare personalized rates from top lenders to see which options best fit your needs. Once you’ve successfully completed your program, your financial focus will shift from borrowing to repayment and optimization, which often involves refinancing.

Post-graduation refinancing for nursing graduates

Once you graduate, pass the NCLEX, and begin your career as a registered nurse, your financial landscape changes dramatically. With a stable income and a strong employment outlook, you become an excellent candidate for student loan refinancing. Refinancing allows you to replace your existing student loans—both federal and private—with a new, single private loan, ideally with a lower interest rate and a new repayment term that better fits your budget.

For nurses, this can be a powerful financial tool. Lenders often view healthcare professionals as low-risk borrowers, sometimes offering them preferential rates. The timing is key; you’ll typically get the best offers after you have a few months of employment history. The primary benefit is the potential to lower your monthly payment or reduce the total interest you pay over the life of the loan. For a deeper dive, you can explore our complete guide to student loan refinancing.

However, there’s a critical trade-off to consider. If you refinance federal student loans, you will permanently lose access to federal benefits like Public Service Loan Forgiveness (PSLF) and income-driven repayment options. For nurses planning to work in non-profit hospitals or public health, keeping federal loans separate may be more advantageous. For those with private loans or who are confident in their career path in the private sector, refinancing can unlock significant savings and simplify debt management.

Choosing the right private loan is the final step in building a sound financial plan for your nursing education. As we’ve covered, these loans are designed to bridge the gap when federal aid, scholarships, and savings aren’t enough to cover the full cost of your program. By borrowing responsibly, you are making a strategic investment in a stable and rewarding career with strong earning potential. For both students and the parents supporting them, making an informed decision is key.

Here are the key takeaways to guide your next steps:

• Calculate Your True Cost: Look beyond tuition to include all program-specific expenses like clinical supplies, uniforms, and certification fees to understand your total need.
• Exhaust Federal Aid First: Always complete the FAFSA and accept all federal grants, scholarships, and loans before considering private options.
• Compare Lenders Holistically: Evaluate interest rates, repayment terms, grace periods, and cosigner release options to find the best long-term fit for your financial situation.
• Borrow Only What You Need: Create a detailed budget to borrow the minimum amount necessary to cover your remaining funding gap.

With this knowledge, you can move forward with confidence. The next step is to compare rates from 8+ lenders to find the best option to help you achieve your nursing career goals.

References and resources

As you continue your research, these resources offer valuable tools and information on scholarships, federal aid, and loan forgiveness programs tailored to nursing students.

• StudentAid.gov: The official U.S. Department of Education resource for information on federal grants, loans, and work-study programs.
• AACN Scholarship Database: A comprehensive list of scholarships for nursing students from the American Association of Colleges of Nursing.
• HRSA Loan Repayment Programs: Explore state and federal loan forgiveness programs for nurses who commit to working in underserved areas.
• National Student Nurses’ Association (NSNA): Provides scholarship opportunities and professional resources for undergraduate nursing students.
• College Finance Scholarship Guide: Our detailed guide on how to find and apply for scholarships, including specific awards for nursing majors.