Nurses enrolled in accredited nursing programs have several alternatives to consider when seeking school loans. Among the sources available for nursing students are the nursing school loans offered by the Association of American Medical Colleges (AAMC). Through AAMC, private lenders grant school loans to nursing students with good credit.

Federal school loans are available for nursing school students. Applying for federal school loans requires submission of the Free Application for Federal Student Aid (FAFSA). The FAFSA (www.fafsa.ed.gov) determines nursing school students’ eligibility for federal school loans. Among other federal loan programs, nursing school students are eligible to receive Stafford loans. Repayment of Stafford student loans begins within six months of the date nursing students stop attending at least half time.

Parents of nursing school students can apply for federal PLUS loans for dependents. Sixty days after disbursement of PLUS loans parents must begin making payments on PLUS school loans. Only parents with good credit are eligible to apply for federal PLUS school loans.

Alternative loan programs offer nursing school loans to nursing students with good credit who are not in default on any other student loan. Nursing students must be enrolled as either full time or half time students. The first payment on this type of loan is due six months following graduation or if nursing students begin attending less than half time.

Private lenders provide nursing school loans to bridge the gap when federal school loans are insufficient. Private banks and credit unions grant school loans to students or parents anytime during the year.