Unsubsidized Nursing Student Loans
When you’re researching forms of financial aid, it’s important to make sure you understand exactly what each type is so you can decide what financial aid package is best for you and your educational needs. After all, the more you know about the specifics of financial aid, the better informed you can be and the better your financial aid experience will be. One form of financial aid that it’s important to know about is the unsubsidized nursing student loan.
What is an unsubsidized loan?
An unsubsidized nursing student loan is one form of financial aid available to nursing students. Unlike grants and scholarships, student loans do have to be repaid in full. The exact terms and interest rates are given to you when you qualify for the loan. With an unsubsidized loan, interest is charged from the date the loan is awarded until it is paid in full. Because of this, unsubsidized loans have monthly payments while you are still enrolled in classes.
How can I qualify for an unsubsidized loan?
As with any form of financial aid, you will know whether or not you qualify for an unsubsidized loan by filling out the Free Application for Federal Student Aid, called the FAFSA. After filling it out, your financial situation is evaluated and you will be offered a financial aid package. Your individual financial aid package will include any information about subsidized loans and their terms, if you qualify. Your financial aid adviser can help explain your financial aid package to you, and why you qualify for certain aid.
What are the benefits and drawbacks of an unsubsidized student loan?
One benefit of unsubsidized nursing student loans is that you can start to put a dent in the debt while you’re still in school. By making payments while you’re taking classes, you won’t have such a large debt for as long once you’ve graduated and gone into the work force. This also means that monthly loan payments won’t be as much of a shock after you’re done with school since you will have been paying all along.
One drawback of an unsubsidized loan is that interest is charged from the first day. For many, this means budgeting for a monthly loan payment in addition to any other regular expenses. If you have a tight budget to begin with, a monthly loan payment can change things. The amount may be relatively low, but it is still an additional expense to consider.
Knowing about different forms of financial aid is just as important as knowing about what different nursing programs offer. Financial aid, such as unsubsidized nursing student loans, is part of your nursing education, so you want to be sure you know everything you can going into it. Take a little time now to research student loans and you’ll be much more prepared for the rest of your education