Getting an education can be expensive. Fortunately, there is often financial aid available to students to help offset the costs and ensure that you can get the education you deserve, which will help you get the job you want. One form of financial aid available is nursing student loans. Unlike scholarships or grants, loans do have to be repaid, but depending on whether you have a subsidized or unsubsidized loan, you may not have to repay your loan until after you graduate with your degree.
What is a subsidized loan?
A subsidized loan is a loan awarded to students based on financial need. Because the government subsidizes the loans, borrowers don't have to pay back anything on the loan until they're no longer in school for a set amount of time. Usually, this also means you aren't charged any interest during the time the loan is subsidized. Within the terms of the nursing student loans, you'll know exactly what the interest rate is, when you will be expected to begin paying back your loan, and how much each payment will be.
What is an unsubsidized loan?
An unsubsidized loan is a loan awarded to students that does charge interest beginning from the date the loan is awarded. Borrowers do have to make payments on these loans while they are in school. Within the terms of the loan, the financial institution will explain the interest and repayment details for you to ensure you know exactly what is expected of you from the moment you sign the paperwork until the loan is paid in full.
Which type of loan is better for nursing student loans?
There are benefits and drawbacks to both types of loans, and it's important to learn all you can about both types to decide which path is the best for you. Your financial need and qualifications do play a part in the type of loan you can get, but if you have the choice, you should carefully evaluate your situation prior to making a decision. For example, if you are working while in school, you may choose an unsubsidized loan and pay it back while you're in school. That way, it can be paid off sooner and you won't have such a large debt once you graduate. On the other hand, if you're in school full time and not working, a subsidized nursing student loan might be a better option. That way, you can concentrate on school and not worry about making the payments on your loans. Talking about your situation with your financial aid adviser can be beneficial, as well. He or she may be able to offer a perspective that you didn't think about, which could help you decide which type of loan is best for you.
Getting nursing student loans can be a good way of offsetting the costs of your nursing education. Knowing you have the financial help of loans will allow you to concentrate on your education. However, whether you should get a subsidized or unsubsidized loan really depends on your individual situation. Learn all you can about the types of loans available to you, speak with your financial aid adviser, and you'll be able to make the right decision for you.