Picture this: You are a nurse who just graduated from nursing school, passed the NCLEX with no sweat off your back, and scored an excellent first nursing job. You're excited to kick off your nursing career; there’s just one inconvenience lurking in the background: college debt. While in a perfect world, nurses would have little to no nursing debt to pay off, the fact is that debt from a bachelor of science in nursing (BSN) is a reality for many nursing graduates. In fact, one study showed that approximately 70 percent of all nurses still have student debt. Furthermore, registered nurses (RNs) are considered to have some of the most expensive student loan debts of all. Sigh.
With all this in mind, there is a bright side. As it happens, college debt forgiveness options for nurses are plentiful. In other words, there are a variety of ways nurses can pay off their nursing debt and pay it off FAST. Read on to learn more about nursing debt relief and how you can start chipping away at your nursing college debt today.
What Is the Average Student Loan Debt for Nurses?
Becoming a licensed nurse takes time, effort, and a good amount of funding. And while nursing tuition rates will vary greatly depending on where a nursing student decides to study, the average cost of an associate’s degree in nursing (ADN) can range from $6,000 to $40,000. Keep in mind, however, that these days most medical employers want to see a four-year degree from their potential employees. That said, the average cost of a bachelor of science in nursing is between $8,000 and $55,000. Even more, in order to get a master of science in nursing (MSN), you’re looking at an average cost range of $35,000 to $70,000. Needless to say, the average nursing debt that coincides with these numbers is enough to make a nursing student who sought financial aid shudder. Yet, as mentioned above, there are plenty of ways for nursing students to pay off their debt quickly and efficiently.
Ways to Pay Off College Nursing Debt
One of the best ways to pay off college nursing debt is to seek out student loan forgiveness programs for nurses. These programs offer recent nursing school grads the opportunity to have their federal loans repaid through recognized national and state programs. Some of these nursing debt relief programs include the Nurse Corps Loan Repayment (NCLR) program, Public Service Loan Forgiveness (PSLF), Perkins Loan Cancellation (PLC), Army Nurse Corps (ANC), Disadvantaged Faculty Loan Repayment Program (DFLRP), and even more. Keep in mind that to qualify for the aforementioned programs, you must meet certain criteria, such as earning your nursing degree from an accredited nursing program in a U.S. state or territory. Moreover, many student forgiveness programs will require you to commit to a full-time nursing schedule for a minimum of two years. Ultimately, having your nursing debt relieved through a state or national program is one of the fastest ways to pay off college nursing debt, but it’s not the only option.
Other Ways to Pay Off Nurse Debt
Income-driven repayment plans (IDRs) are also a fast and viable way to get nursing student loans discharged. IDR plans typically take into account the following factors:
- Current income
- Current cost of living
- Family size
In the simplest terms, IDR plans are intended to lower your monthly payments, making your student debt manageable. Furthermore, IDR repayment plans can be an alternative for nurses who are not interested in working full-time for a government or nonprofit organization with student loan forgiveness programs.
President Biden's New IDR Plan
Nurses who borrowed federal loans to pay for their nursing school could qualify for up to $20,000 in nursing debt relief with the Biden-Harris Administration’s Student Debt Relief Plan. And while you do have to meet certain income requirements to be eligible for this plan, applications are now open, and it’s easy to see if you qualify. Make sure to see if you qualify and apply before December 31, 2023.
Student Loan Financing
Refinancing your nursing school loans is another great way to start making a dent in your nursing school debt. Student loan refinancing plans can lower your monthly payments as well as defer student loans for a set amount of time without accruing any additional interest. Furthermore, student loan financing can involve asking for loan forbearance, which allows you to temporarily stop or “freeze” paying your loan payments for an extended amount of time. It’s important to note that the forbearance of student nursing loans only postpones the principal loan balance, and interest will continue to accrue. In this regard, it’s always good to research if student loan financing is the right option to pay off your nursing school debt.
Is Nursing School Worth the Debt?
Nobody wants to be in debt. At the same time, the reality is that most nurses who want to study and earn a nursing degree will have to seek out financial aid. And really, that’s okay because a career in nursing offers great job stability. As a matter of fact, the National Library of Medicine predicts that there will be a 15 percent growth in healthcare that will lead to the creation of more than 222,000 jobs for nurses between 2020 and 2029.
All things considered, don’t let the thought of nursing college debt get you down. If there was ever a time to invest in your nursing future, it’s now. Feel free to check out a few more tips on how to pay off your nursing debt faster here.
