We have talked about the importance of not working too much in nursing school and how that can influence your success. So the question is how can I live and afford to go to nursing school? If federal grant money, scholarships, employer money that was talked about earlier is not available then you are in need of loans.
There are a multitude of loans available to you. Nursing as an educational pick qualifies you for many loans. You can afford nursing school with the use of these. Some will have deferred interest and all should have deferred payments until graduation from nursing school. Use these resources vs. credit cards or loan sharks. The interest rate and pay back terms will be manageable.
The real secret I am going to share with you is the ability to get 85% of your loans paid back. I already talked about the military programs that will pay back your loans up to a certain amount. This is not those. This is government money but, no military service attached to it. How does the program work?
This is the website that describes the payback program in detail. I will give you an overview of the program. By knowing about this program ahead of time you may change your choice of your first job, alter how much loan money to take and gear your actions to go after this money.
The program pays back 60% of your nursing loan amount for a commitment of two years of full time work at qualifying health care facilities. A third year is available at another 25%….for a total of 85%.
Last year the program gave away $56 million dollars! They received 6,978 applications and 954 awards were given out. Almost 14% of those applying received the award. Much better odds than the lottery…free money. You can up your odds to close to 100% by looking at who they give the money to first. There are 6 tiers, if you qualify for the first tier; the odds are really good that you will get the award.
This program is for RN’s only who are working full time at an eligible site. Eligible sites are: hospitals, nursing homes, home health agencies, hospice, public health sites, skilled nursing facilities, ambulatory surgical centers and other more ethnic specific sites.
First funding is given to those whose loans are 40% or greater than their base annual salary. This criteria itself may influence you to take out another loan vs. working more hours that risk your success in nursing school.First tier includes facilities like: Nursing homes, DSH designated hospitals, public health depts., federally designated health centers, specific ethnic oriented sites, CAH designated hospitals, rural health centers. (See web site for designated descriptions and qualifications of these sites).
Details of the tiers and examples are given at the website along with deadlines, applications, changes to the program and monies available. You may apply to this program not just as you graduate and get your first job, but if you change jobs to a qualifying site and still have that 40% loan ratio to base salary criteria for top tier status.
I know someone who received money from the second tier status. This tells me that everyone who qualified for first tier status received the award. THIS is huge! 85 % of your loans paid off….courtesy of Uncle Sam!