[hen-ui-dynamic-experience placement=”aboveTheFold” /][hen-ui-separator /][hen-ui-text variant=”b4″ tag=”em”]DISCLAIMER: The information provided on this website does not, and is not intended to, constitute professional financial advice; instead, all information, content, and materials available on this site are for general informational purposes only. Readers of this website should contact a professional advisor before making decisions about financial issues.[/hen-ui-text][hen-ui-separator /][hen-ui-text variant=”b4″]Nearly [hen-ui-link href=”https://www.nysna.org/student-debt-hurts-nursing-students-too#.Y5el6uzMKDV” target=”_blank”]three-quarters[/hen-ui-link] of nursing students graduate with student loan debt. Nursing student loans are the largest source of funding to cover rising tuition bills. Nursing student loan debt is also one of the largest financial burdens faced by working families.[/hen-ui-text][hen-ui-text variant=”b4″]Candidates can lower their nursing student loan debt by taking several steps to reduce their upfront costs. Explore the average nursing school debt, [hen-ui-link href=”/resources//financial-aid/nursing-scholarship-grants/”]nursing student loan forgiveness[/hen-ui-link], and tips for paying off nursing school debt.[/hen-ui-text][hen-ui-heading variant=”h2″]The Cost of Nursing School[/hen-ui-heading][hen-ui-text variant=”b4″]The [hen-ui-link href=”https://nces.ed.gov/fastfacts/display.asp?id=76″ target=”_blank”]average tuition and fees[/hen-ui-link] in 2020-2021 for a two-year associate program for first-time, full-time undergraduate students ranged from $3,900 per year for a public program to $18,000 per year for a private nonprofit school.[/hen-ui-text][hen-ui-text variant=”b4″]Students attending a four-year bachelor program could expect to pay from $9,400 per year for a public school to $37,600 for a private nonprofit program. The average cost of a [hen-ui-link href=”https://educationdata.org/average-cost-of-a-masters-degree” target=”_blank”]master’s degree in a science[/hen-ui-link] field was $62,300.[/hen-ui-text][hen-ui-text variant=”b4″]Several factors influence the [hen-ui-link href=”/resources//how-much-does-nursing-school-cost/”]cost of a nursing program[/hen-ui-link] and subsequently nursing school debt. These include whether the program is at a public or private institution, the length of the program, the cost per credit hour, and if the student is in state or out of state.[/hen-ui-text][hen-ui-heading variant=”h3″]Reducing the Upfront Cost of Nursing School[/hen-ui-heading][hen-ui-text variant=”b4″]Nursing school candidates have options to lower the upfront cost of their program by exploring their eligibility for [hen-ui-link href=”/resources//financial-aid/nursing-scholarships/”]nursing scholarships[/hen-ui-link], grants, and employer tuition reimbursement programs.[/hen-ui-text][hen-ui-text variant=”b4″]It is crucial that nurses pay close attention to the details in a tuition reimbursement contract offered by their employer. These often require the nurse to work for the institution for a period of time after accepting the payment.[/hen-ui-text][hen-ui-flex gap=”xl” align=”left” direction=”column”][hen-ui-flex gap=”xs” align=”left” direction=”column”][hen-ui-heading variant=”h2″]Popular Online RN-to-BSN Programs[/hen-ui-heading][hen-ui-text variant=”b4″ color=”subtext”]Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.[/hen-ui-text][/hen-ui-flex][hen-ui-dynamic-experience placement=”belowTheFold” /][/hen-ui-flex][hen-ui-heading variant=”h2″]How Much Loan Debt Do Nursing Students Have?[/hen-ui-heading][hen-ui-text variant=”b4″]The National Center for Education Statistics (NCES) tracks the average debt for individuals graduating with associate and bachelor’s degrees. The [hen-ui-link href=”https://nces.ed.gov/fastfacts/display.asp?id=900″ target=”_blank”]average debt[/hen-ui-link] of students graduating during the 2017-2018 academic year from any two-year program was $23,500.[/hen-ui-text][hen-ui-text variant=”b4″]The average debt in the same academic year from any four-year program was $30,200. Students attending a public school averaged lower loan debt and those attending private institutions generally had more debt.[/hen-ui-text][hen-ui-text variant=”b4″]The [hen-ui-link href=”https://www.aacnnursing.org/Policy-Advocacy/View/ArticleId/24952/AACN-Releases-2017-Graduate-Nursing-Student-Debt-Report” target=”_blank”]American Association of Colleges of Nursing[/hen-ui-link] found that 69% of students attending a graduate-level program took out federal student loans. The median level of nursing student loan debt at the completion of the program ranged from $40,000-$54,900.[/hen-ui-text][hen-ui-text variant=”b4″]The U.S. Department of Education’s (ED) [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard[/hen-ui-link] tracks school- and program-specific data, including debt accrued by graduates. We compiled the numbers for median loan debt across hundreds of nursing programs in the U.S. The most recent data looks at cohorts of students who graduated from 2017-2019.[/hen-ui-text][hen-ui-text variant=”b4″]Note: The following data only accounts for direct and grad PLUS loans from the federal government. It does not include debt from private loans or other federal loans, such as parent PLUS.[/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Direct Loan Debt for Associate Nursing Programs(Across 699 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Median Loan Debt[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]97[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Up to $10,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]511[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$10,000-$20,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]89[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$20,000-$30,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]2[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Over $30,000[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Direct Loan Debt for Nursing Bachelor’s Programs(Across 867 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Median Loan Debt[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]14[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Up to $10,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]281[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$10,000-$20,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]530[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$20,000-$30,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]41[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$30,000-$40,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]1[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Over $40,000[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Direct and Grad PLUS Loan Debt for Nursing Master’s Programs(Across 383 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Median Loan Debt[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]245[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Up to $50,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]111[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$50,000-$100,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]25[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$100,000-$150,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]2[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Over $150,000[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Direct and Grad PLUS Loan Debt for Nursing Doctoral Programs(Across 96 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Median Loan Debt[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]20[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Up to $50,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]61[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$50,000-$100,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]12[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]$100,000-$150,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]3[/hen-ui-table-cell][hen-ui-table-cell data-title=”Median Loan Debt”]Over $150,000[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-text variant=”b4″]These are median measures of nursing student debt. This means that your debt can vary depending on several factors. The cost of your nursing program, how much you can work during school, how much you need to borrow, and the amount of financial aid you receive all influence your nursing loan debt.[/hen-ui-text][hen-ui-heading variant=”h2″]Paying Off Nursing School Debt[/hen-ui-heading][hen-ui-text variant=”b4″]It takes the [hen-ui-link href=”https://educationdata.org/average-time-to-repay-student-loans” target=”_blank”]average borrower 20 years[/hen-ui-link] to pay off their student loan debt. For some professional graduate students, it can take roughly 45 years to pay off their undergraduate and graduate student loans.[/hen-ui-text][hen-ui-text variant=”b4″]Several factors impact the time line of nursing student loan repayment programs. For example, students who can pay more on the principal of the loan each month can significantly shorten the time to completely repay the loan.[/hen-ui-text][hen-ui-text variant=”b4″]A nurse’s ability to repay their nursing student loan debt depends on their living expenses, salary, the interest rate on the loan, the established monthly payment, and eligibility for loan forgiveness programs. Nurses may also shorten the repayment period by refinancing the loan if they find a lower interest rate.[/hen-ui-text][hen-ui-heading variant=”h3″]How Much Do Nursing Graduates Earn?[/hen-ui-heading][hen-ui-text variant=”b4″]Nursing is a stable career and offers graduates opportunities to find employment in hospitals, clinics, businesses, schools, and community centers. Salary varies depending on where a nurse works, the geographical location, and the nurse’s experience.[/hen-ui-text][hen-ui-text variant=”b4″][hen-ui-link href=”/ask-a-nurse/how-to-negotiate-a-higher-salary/”]Nurses can negotiate[/hen-ui-link] for a higher salary when they are certified to care for a specific population or have experiences that may positively influence patient care. The following tables highlight the average hourly pay a nurse may expect based on their years of experience and practice.[/hen-ui-text][hen-ui-text variant=”b4″ style=”text-align:right”]Sources: [hen-ui-link href=”https://www.payscale.com/research/US/Job=Registered_Nurse_(RN)/Hourly_Rate” target=”_blank”]Payscale, December 2022[/hen-ui-link]; [hen-ui-link href=”https://www.payscale.com/research/US/Job=Nurse_Practitioner_(NP)/Salary” target=”_blank”]Payscale, December 2022[/hen-ui-link][/hen-ui-text][hen-ui-heading variant=”h3″]Monthly Student Loan Payments[/hen-ui-heading][hen-ui-text variant=”b4″]College Scorecard calculates estimated monthly payments required to pay off direct student loan debt over a 10-year period. Based on a fixed payment plan and current interest rates, a majority of associate degree-holders would need to pay between $100-$200 a month; bachelor’s degree-holders, $200-$300 a month; master’s degree-holders, $200-$500 a month; and doctoral degree-holders, $500-$1,000 a month.[/hen-ui-text][hen-ui-text variant=”b4″]You can use the ED’s [hen-ui-link href=”https://studentaid.gov/loan-simulator/” target=”_blank”]federal student aid loan simulator[/hen-ui-link] to calculate your own estimated monthly payments.[/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Estimated Monthly Payments for Nursing Associate Programs(Across 699 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Estimated Payments[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]97[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]Up to $100[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]511[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$101-200[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]89[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$201-$300[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]2[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]More than $300[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Estimated Monthly Payments for Nursing Bachelor’s Programs(Across 867 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Estimated Payments[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]14[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]Up to $100[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]282[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$101-200[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]529[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$201-$300[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]41[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$301-$400[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]1[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]More than $400[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Estimated Monthly Payments for Nursing Master’s Programs(Across 383 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Estimated Payments[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]213[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]Up to $500[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]139[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$501-$1,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]24[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$1,001-$1,500[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]7[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$1,501-$2,000[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-table][hen-ui-table-caption]Median Estimated Monthly Payments for Nursing Doctoral Programs(Across 96 Public and Private, Nonprofit Schools)[/hen-ui-table-caption][hen-ui-table-header][hen-ui-table-row][hen-ui-table-head scope=”col”]Number of Programs[/hen-ui-table-head][hen-ui-table-head scope=”col”]Estimated Payments[/hen-ui-table-head][/hen-ui-table-row][/hen-ui-table-header][hen-ui-table-body][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]15[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]Up to $500[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]59[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$501-$1,000[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]17[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]$1,001-$1,500[/hen-ui-table-cell][/hen-ui-table-row][hen-ui-table-row][hen-ui-table-cell data-title=”Number of Programs”]5[/hen-ui-table-cell][hen-ui-table-cell data-title=”Estimated Payments”]Over $1,500[/hen-ui-table-cell][/hen-ui-table-row][/hen-ui-table-body][/hen-ui-table][hen-ui-text variant=”b4″ style=”text-align:right”]Source: [hen-ui-link href=”https://collegescorecard.ed.gov/data” target=”_blank”]College Scorecard Field of Study Data[/hen-ui-link][/hen-ui-text][hen-ui-heading variant=”h3″]Student Loan Forgiveness for Nurses[/hen-ui-heading][hen-ui-text variant=”b4″]Nurses who are eligible for student loan forgiveness may not need to pay their nursing student loans in full. However, forgiveness programs often come with strings attached.[/hen-ui-text][hen-ui-text variant=”b4″]Loan forgiveness programs offer students the chance to eliminate nursing student loan debt by caring for underserved populations or filling another unmet healthcare need.[/hen-ui-text][hen-ui-text variant=”b4″]However, it’s crucial nursing students pay close attention to the requirements before accepting a nursing student loan forgiveness contract to ensure they can meet the requirements.[/hen-ui-text][hen-ui-text variant=”b4″]Nurses who are interested can explore our comprehensive guide to [hen-ui-link href=”/resources//student-loan-forgiveness-for-nurses/”]nursing student loan forgiveness[/hen-ui-link] options.[/hen-ui-text][hen-ui-heading variant=”h2″]Tips to Pay Down Student Loans[/hen-ui-heading][hen-ui-text variant=”b4″]In any economy, it can be difficult to stick with a nursing student loan repayment schedule. Yet, there are several good reasons for nurses to pay off their nursing student loans without delay. While many compare student loans with a mortgage, there are several reasons why this is not financially sound.[/hen-ui-text][hen-ui-text variant=”b4″]Although your student loan helped you get an education, it is not backed by an appreciating asset in the same way a mortgage is. In many cases, a mortgage has a lower interest rate than a student loan, and unlike a mortgage, student loans are not discharged in bankruptcy.[/hen-ui-text][hen-ui-text variant=”b4″]When your student loans are paid off, it improves your monthly cash flow and increases the amount you can invest in your future or put away for retirement. Paying off debt helps you to become financially free, and it means you pay less interest over the life of the loan.[/hen-ui-text][hen-ui-text variant=”b4″]Consider these tips to help you stay on track to pay off your loan, or even pay it off early.[/hen-ui-text][hen-ui-list variant=”unordered” bullet-style=”check”] [hen-ui-list-item][hen-ui-heading variant=”h4″]Automatic debit[/hen-ui-heading]Most loans allow you to sign up for your loan payment to be automatically debited from your account. This ensures your payment is sent on time and some lenders give you a break on the interest.[/hen-ui-list-item] [hen-ui-list-item][hen-ui-heading variant=”h4″]Pay more than the minimum[/hen-ui-heading]If you’re able, add more than the minimum to your monthly payment. Even if you can add $50 each month to the payment, it can significantly reduce the amount of interest you pay over time.[/hen-ui-list-item] [hen-ui-list-item][hen-ui-heading variant=”h4″]Use found money[/hen-ui-heading]Are you getting a tax refund? Add it to your next nursing student loan repayment. If you get a raise or another financial windfall, consider putting at least 50% toward your nursing student debt.[/hen-ui-list-item] [hen-ui-list-item][hen-ui-heading variant=”h4″]Pay capitalized interest[/hen-ui-heading]Unsubsidized loans begin accruing interest from the minute you sign the loan payments. You can defer paying the interest on those loans while you’re in school. However, once your grace period ends at graduation, the interest that accrued is added to the principal of the loan, which increases the amount of interest you’ll pay and your monthly payment. Consider paying the interest while you’re in school, or paying off the accrued interest before the end of the grace period after graduation.[/hen-ui-list-item] [hen-ui-list-item][hen-ui-heading variant=”h4″]Make extra payments[/hen-ui-heading]There is not usually a prepayment penalty on nursing student loan debt, but lenders may apply the extra payment to the next month’s payment. Instead, instruct the lender to apply the overpayment to the current balance.[/hen-ui-list-item][/hen-ui-list][hen-ui-heading variant=”h2″]Frequently Asked Questions About the Cost of Nursing School[/hen-ui-heading][hen-ui-heading variant=”h3″]How much is the tuition for nursing school?[/hen-ui-heading][hen-ui-text variant=”b4″]Tuition varies on several factors, including whether the program is public or private and whether you are an in-state or out-of-state student. The average annual cost for tuition and fees at a public four-year program is $9,400 and can be $37,600 annually for a private nonprofit program.[/hen-ui-text][hen-ui-heading variant=”h3″]Is there funding to become a nurse?[/hen-ui-heading][hen-ui-text variant=”b4″]Nursing candidates may be eligible for [hen-ui-link href=”/resources//financial-aid/nursing-scholarship-grants/”]nursing scholarships and grants[/hen-ui-link] that do not need to be paid back after graduation. They can find these through the nursing program they are attending, local businesses, national associations, and special interest groups.[/hen-ui-text][hen-ui-heading variant=”h3″]How long does it take to pay off student loans as a nurse?[/hen-ui-heading][hen-ui-text variant=”b4″]Federal student loan repayment schedules are designed to be paid off over 10 years. Several factors can influence your nursing student loan repayment schedule. Nurses who choose to advance their education are eligible to defer payment on their undergraduate program. This extends the time it takes to repay the loan. Nurses who pay extra each month may pay the loan off sooner.[/hen-ui-text][hen-ui-heading variant=”h3″]What is the fastest way to pay down student loans after nursing school?[/hen-ui-heading][hen-ui-text variant=”b4″]The quickest way to repay a nursing student loan debt is to have the payment automatically debited from your account so it is always paid on time. Nurses who pay an additional amount each month on the principal amount and apply any financial windfall to the debt find they pay down their nursing school debt fastest.[/hen-ui-text][hen-ui-heading variant=”h2″]Related Pages[/hen-ui-heading] [hen-ui-article-row variant=”slider” ids=”62497,63568,62760″][/hen-ui-article-row][hen-ui-separator /][hen-ui-heading variant=”h2″ class=”heading-4″]Sources[/hen-ui-heading][hen-ui-list variant=”unordered” bullet-style=”bullet”] [hen-ui-list-item][hen-ui-text variant=”b4″]AACN releases 2017 graduate nursing student debt report. (2017). [hen-ui-link href=”https://www.aacnnursing.org/Policy-Advocacy/View/ArticleId/24952/AACN-Releases-2017-Graduate-Nursing-Student-Debt-Report” target=”_blank”]https://www.aacnnursing.org/Policy-Advocacy/View/ArticleId/24952/AACN-Releases-2017-Graduate-Nursing-Student-Debt-Report[/hen-ui-link][/hen-ui-text][/hen-ui-list-item] [hen-ui-list-item][hen-ui-text variant=”b4″]College scorecard. (2022). [hen-ui-link href=”https://collegescorecard.ed.gov/data/” target=”_blank”]https://collegescorecard.ed.gov/data/[/hen-ui-link][/hen-ui-text][/hen-ui-list-item] [hen-ui-list-item][hen-ui-text variant=”b4″]Fast facts. (n.d.). [hen-ui-link href=”https://nces.ed.gov/fastfacts/display.asp?id=900″ target=”_blank”]https://nces.ed.gov/fastfacts/display.asp?id=900[/hen-ui-link][/hen-ui-text][/hen-ui-list-item] [hen-ui-list-item][hen-ui-text variant=”b4″]Furillo J. (n.d.). Student debt hurts nursing students, too. [hen-ui-link href=”https://www.nysna.org/student-debt-hurts-nursing-students-too#.Y5eWnezMKDV” target=”_blank”]https://www.nysna.org/student-debt-hurts-nursing-students-too#.Y5eWnezMKDV[/hen-ui-link][/hen-ui-text][/hen-ui-list-item] [hen-ui-list-item][hen-ui-text variant=”b4″]Hanson M. (2021). Average cost of a master’s degree. [hen-ui-link href=”https://educationdata.org/average-cost-of-a-masters-degree” target=”_blank”]https://educationdata.org/average-cost-of-a-masters-degree[/hen-ui-link][/hen-ui-text][/hen-ui-list-item] [hen-ui-list-item][hen-ui-text variant=”b4″]Tuition costs of colleges and universities. (n.d.). [hen-ui-link href=”https://nces.ed.gov/fastfacts/display.asp?id=76″ target=”_blank”]https://nces.ed.gov/fastfacts/display.asp?id=76[/hen-ui-link][/hen-ui-text][/hen-ui-list-item][/hen-ui-list][hen-ui-separator /][hen-ui-text variant=”b4″ tag=”em”]Page last reviewed December 1, 2022[/hen-ui-text]