Student Loan Debt for Nurses (2023)

Nobody loves needing to take out student loans, but unfortunately, for many, it’s inevitable.

Advanced schooling is expensive, and if you want to become a registered nurse, the shortest and most cost-effective route is to receive an associate’s degree in nursing (ADN), which can start at almost $6,000 for tuition and books for in-state public schools. That cost only goes up once you start factoring in more expensive programs, private schools, room and board, and more advanced degrees.

So how much student loan debt is typical for nurses? In this post, we’ll look at average nursing student loan debt so that you can prepare financially—and maybe a little emotionally as well! We’ll also talk about a few ways to shave off some of that balance where possible.

How Much Student Loan Debt Does the Average Nurse Have?

Student Loan Debt for Nurses (1)

Student loan debt averages vary significantly based on several factors. The most significant of these factors in your control is what type of nursing degree you choose to pursue.

Let’s look at average student loan debt for nurses based on degree type.

Nursing Student Loan Debt for an ADN

  • The average cost of an associate’s degree in nursing (ADN) can range from $6,000–$40,000.
  • The average student loan debt for an ADN degree is $19,928.

Nursing Student Loan Debt for BSNs

  • The average cost of a bachelor of science in nursing (BSN) is between $8,000 and $55,000.
  • The average student loan debt for a BSN is $23,711.

Nursing Student Loan Debt for MSNs

  • To get a master of science in nursing (MSN), you’re looking at an average cost range of $35,000–70,000.
  • The average student loan debt for an MSN is $47,321.

Nursing Student Loan Debt for DNPs

  • The average cost of a doctorate of nursing practice (DNP), which is the highest level of nursing education, ranges from $26,000 to $254,000.
  • The average student loan debt for nurse practitioners is currently $184,787.

What Factors Influence Total Student Loan Debt?

Multiple factors influence why some nursing students can get through school debt-free while others can end up with tens of thousands of dollars (or more) of student loans. Some you can control, but some you can’t.

Let’s take a look at each.

Individual Life Experiences & Responsibilities

Some nursing students are fortunate and don’t have to take out student loan debt. They may have family that’s able to put them through school, for example, and even pay their living expenses in the process. Other nurses may work hard to get through school debt-free, working a full-time job but taking nursing classes at night, or working a part-time job but living with family and friends at a low cost to avoid or minimize debt.

For some, though, student loan debt is a necessity. It’s common for students to take out loans to cover schooling and to help with living expenses like rent or car payments while they focus on their nursing programs full-time. They may not have families to fall back on and know that getting through school quickly is their best financial option, even if it means student loan debt to tackle later.

The Type of Degree You Choose

Different degrees come with different price tags. An associate’s degree may only take a year and a half or two years to complete and is available at most community colleges. As we mentioned above, starting costs for tuition and books may be around $6,000 for the entire degree at a local school.

On the opposite end of the spectrum, you’ve got the option to get a DNP, which could cost as much as $254,260 at a private or out-of-state school. At the lowest end, you’re looking closer to around $26,000 for a DNP program.

Keep in mind that the cost is just for that individual degree; each program you complete will come with its own cost, so if you go from a BSN to a DNP, you need to pay for both programs, which can drive up student loans significantly.

It’s important to keep in mind that your job opportunities and potential pay do increase as you reach higher-level degrees, but being aware of student loan debt associated with those degrees is still a good call.

Private vs. Public Schooling

Public schools are typically going to be much less expensive than private schools. Private degree programs cost substantially more than in-state public degrees, regardless of which program you’re pursuing.

The average cost for an undergraduate degree in public schools in 2021–2022 across the country was $10,338 for in-state students, but over $38,000 for private schools.

Getting a degree at a local community college can save you more than choosing a formal university program. You can still get cost savings even if you just start with your associate’s at a community college before transferring to a university for your BSN.

In State vs. Out-of-State Programs

When it comes to public schools, in-state programs are going to cost much less than out-of-state programs. The tuition will be lower, and in some cases, in-state financing only applies if you pick a school within the state. For example, the Florida Bright Futures Scholarship is a merit-based scholarship that only applies to in-state tuition. If you’ve got your heart set on a specific program out of state, consider getting your undergrad degrees from an in-state school and then look out of state for specialized programs.

Scholarship or Financing Availability

Student Loan Debt for Nurses (2)

Scholarship and financing availability can greatly impact the amount of debt that nursing students have. Some financing or scholarships may be available to low-income students, for example. Some states may also have programs that support single parents.

If you’re already working as a nurse after getting your ADN or BSN, your employer may be willing to pay for you to continue your education to obtain an MSN or a nurse practitioner’s degree. Furthermore, there are often merit-based scholarships based on past school performance. You can also look for scholarships online that may require meeting specific criteria like an essay submission or getting a recommendation from a teacher or politician.

When looking for scholarships and financing, do the following:

  • Look into state-sponsored funding and scholarships, including need-based programs if you think you qualify.
  • Talk to the financial aid department at the individual schools you’re considering.
  • Search online for scholarships that you may qualify for, including specific niches like scholarships for nursing students, women in science, technology, engineering, and mathematics (STEM), and specific minorities.

Final Thoughts: Tips to Pay Off Nursing Student Loan Debt Faster

For many, student loans are a necessary means to an end to get the education needed to break into their careers. Scholarships and financing can help, so make sure you look into all of your options before choosing a program and before starting it. It’s much easier to slash potential costs upfront than pay off debt afterward.

Once you have completed your degree and do have some student debt in tow, you can consider the following to help pay it off faster:

  • Live below your means. It’s tempting to hop on a plane and visit every corner of the world whenever you’ve got a few days off back-to-back, but save money where you can to pay off the debt faster. Paying more than the monthly minimum will get rid of that burden quickly.
  • Consider working PRN shifts. PRN nursing work allows you to pick up shifts on demand, even if you’re already working full-time or part-time as a nurse. These shifts typically pay more, making them a great option to pay down nursing student loan debt faster.
  • Refinance student loans if needed. If you already have private student loans with high interest rates, you can talk to an expert about the potential of refinancing the loans at a lower interest rate. As a result, you’ll pay less long-term, and you will be able to pay off loans faster.

Ready to tackle the student loan debt from your nursing degree? Learn more about how Nursa can help you connect with high-paying PRN shifts here.

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FAQs

Do all nurses qualify for student loan forgiveness? ›

Do nurses qualify for the PSLF waiver? Yes — though you'll need to meet several requirements in order to be eligible, which could make obtaining debt forgiveness challenging: You'll need to work in the public sector. You'll need to work full time and make at least 120 student loan payments.

What is the average student loan debt for nurses? ›

Nursing Student Loan Debt for BSNs

The average cost of a bachelor of science in nursing (BSN) is between $8,000 and $55,000. The average student loan debt for a BSN is $23,711.

Will student loans be forgiven for healthcare workers? ›

Frontline health care workers qualify for student loan forgiveness after 10 years if they work at a government or nonprofit medical facility or after making 20+ years' worth of payments under an income-driven repayment plan.

What is an acceptable amount of student loan debt? ›

Your Payments Should Be Less Than 10% of Your Gross Income: Another way to look at the problem is to see how much you'll be paying on your student loans each month after graduation. This is calculated based on how much you borrow, what the term of your loans is, and what interest rate you've received.

What is the average student loan debt for healthcare workers? ›

Medical School Debt Statistics

Between medical school and undergraduate study, physicians must pay for 8 years of postsecondary education before they can work as doctors. Medical school graduates owe a median average of $200,000 to $215,000 in total educational debt, premedical debt included.

How to pay off nursing student loans fast? ›

How to pay off nursing loans
  1. Graduated Repayment Plan. ...
  2. Extended Repayment Plan. ...
  3. Income-driven repayment (IDR) plans. ...
  4. Direct Consolidation Loan. ...
  5. Refinancing nursing school loans. ...
  6. Public Service Loan Forgiveness (PSLF) ...
  7. Federal Perkins Loan cancellation. ...
  8. Military repayment programs for nursing loans.

Do nurses qualify for Biden student loan forgiveness? ›

Nurses who work for the government or a nonprofit may qualify for the Public Service Loan Forgiveness Program through the Department of Education. To be eligible for PSLF, you must make 120 eligible monthly payments on your federal direct student loans while working full-time for a qualifying employer.

How do I qualify for $20000 student loan forgiveness? ›

To be eligible, your annual income must have fallen below $125,000 for individuals or $250,000 for married couples or heads of households. If you received a Pell Grant in college and meet the income threshold, you will be eligible for up to $20,000 in debt cancellation.

Does student loans go away after 7 years? ›

If the loan is paid in full, the default will remain on your credit report for seven years following the final payment date, but your report will reflect a zero balance. If you rehabilitate your loan, the default will be removed from your credit report.

What happens if you never pay your student loans? ›

If you don't make your student loan payment or you make your payment late, your loan may eventually go into default. If you default on your student loan, that status will be reported to national credit reporting agencies. This reporting may damage your credit rating and future borrowing ability.

Are student loans forgiven after 20 years? ›

Any outstanding balance on your loan will be forgiven if you haven't repaid your loan in full after 20 years (if all loans were taken out for undergraduate study) or 25 years (if any loans were taken out for graduate or professional study).

Will hospitals pay off student loans? ›

National Health Service Corps (NHSC) Loan Repayment Program

The Health Resources and Services Administration offers a student loan repayment program (among other assistance programs) to eligible health care professionals. To qualify for forgiveness, you'll need to be licensed and work in an eligible discipline.

Do hospitals count towards student loan forgiveness? ›

The rule allows California and Texas physicians who work full-time in public or private non-profit hospitals, clinics or medical offices to be eligible for loan forgiveness, regardless of whether they are employed by a for-profit medical group.

Why do you have to forgive student loans but not medical debt? ›

But medical debt relief on the scale of the recent federal student loan relief would be much more complicated and more difficult to administer. This is primarily because medical debt is not owed to the federal government the way federal student loan debt is.

How long does it take to pay off $40 000 in student loans? ›

Average Student Loan Payoff Time After Consolidation
Total Student Loan DebtRepayment Period
$10,000-$20,00015 years
$20,000-$40,0020 years
$40,000-$60,00025 years
Greater than $60,00030 years
2 more rows

Is $100 000 a lot of student debt? ›

If you owe $100,000 or more in student loan debt, you're not alone. Six percent of borrowers owe more than $100,000, according to the College Board. A standard 10-year repayment plan may sound like a quick way to pay down your debt, but your monthly payment could be as high as $1,000 or more.

Is $70,000 in student loans too much? ›

Based on our analysis, if you are a man and owe more than $100,000, or a woman and owe more than $70,000, you have high student loan debt and your debt is likely not worth the income you'll earn over your lifetime.

What profession has the highest student loan debt? ›

1. Oral Surgeon. Even with a relatively high salary, oral surgeons typically graduate with a large student loan burden. The debt has a significant effect on their professional and personal decisions for decades to come, according to the American Association of Oral and Maxillofacial Surgeons.

How long does it take to pay off nursing school? ›

Experts expect students who graduated in 2021 to pay off their student loans between 8-19 years while paying $669 per month. Ultimately, how long it takes to pay off nursing school loans depends on the amount of money borrowed, the interest rate, and repayment habits.

What percentage of nurses have student loans? ›

Although employers often offer tuition assistance to help earn a BSN degree, many students end up taking on loans and graduate with college debt. In fact, about 70% of all graduated nurses have student debt, with a median debt of $40,000 to $54,999.

How to pay off $15,000 in student loans? ›

A borrower who takes out $15,000 in student loans can pay off that balance a full year earlier by sending in an extra $15 per month. Throw an additional $60 per month at the balance and you'll pay it off three years earlier. Make sure to ask your lender to apply extra payments directly to the principal.

How long does it take the average medical student to pay off loans? ›

The average medical school debt is over $200,000, a hefty amount of debt to carry at the start of your career. The expected payoff schedule is over 20 years, and during that time, you'll be paying the equivalent of an extra mortgage payment to make progress on the loan.

Is a nursing student loan a federal loan? ›

Nursing Student Loans are low-interest federal loans offered to eligible nursing students (undergraduate third and fourth year and eligible graduate students) who have filed a FAFSA. Students must be enrolled for at least 6 credit hours and demonstrate financial need to be eligible.

How to know if i qualify for Biden student loan forgiveness? ›

Eligibility for Biden's Student Loan Cancellation Plan

You must earn less than $125,000 a year for individuals, or $250,000 for married couples and/or head of households.

Will student loans cover nursing school? ›

Federal student loans are available to nursing students enrolled at least half-time at a degree-granting institution. More flexible repayment options for struggling borrowers than other lenders. Subsidized loans do not collect interest while in school or during deferment.

Is a nurse considered public service? ›

Public Health (including nurses, nurse practitioners, nurses in a clinical setting, and full-time professionals engaged in health care practitioner occupations and health care support occupations, as such terms are defined by the Bureau of Labor Statistics) Public Education.

How do I make sure I qualify for student loan forgiveness? ›

The PSLF Program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.

How do I know if I get 10k or 20k student loan forgiveness? ›

If you meet the income criteria and owe money on federal student loans, you're eligible for $10,000 in student loan forgiveness, or up to your existing loan balance, whichever is less. If you also received a Pell Grant along with your student loans, you're eligible for up to $20,000 in loan forgiveness.

How will I know if I qualify for student loan forgiveness? ›

You may be eligible for discharge of your federal student loans based on borrower defense to repayment if you took out the loans to attend a school and the school did something or failed to do something related to your loan or to the educational services that the loan was intended to pay for.

At what age do student loans get written off? ›

At what age do student loans get written off? There is no specific age when students get their loans written off in the United States, but federal undergraduate loans are forgiven after 20 years, and federal graduate school loans are forgiven after 25 years.

Can you avoid student loans forever? ›

Federal student loans go away:

After at least 20 years of student loan payments under an income-driven repayment plan — IDR forgiveness and 20-year student loan forgiveness. After 25 years if you borrowed loans for graduate school — 25-year federal loan forgiveness.

What happens if I haven't paid student loans in 10 years? ›

Consequences of not paying student loans. Your credit score will plummet. Your servicer will add the missed payments for each of your loans to the three major credit bureaus, which will raise the interest rates you get for credit cards, auto loans, home loans, and the like.

How long can you go to jail for not paying student loans? ›

You cannot be arrested or placed in jail for not paying student loan debt, but it can become overwhelming. Student loan debts are considered “civil” debts, which are in the same category as credit card debt and medical bills. Because of this, they cannot send you to jail for not paying them.

Can student loans take your house? ›

When you fall behind on payments, there's no property for the lender to take. The bank has to sue you and get an order from a judge before taking any of your property. Student loans are unsecured loans. As a result, student loans can't take your house if you make your payments on time.

Why did my student loans disappear? ›

If your student loan balance is suddenly showing zero, some of the many reasons could be: Your federal student aid or private student loans were forgiven. You've completed one of the student loan forgiveness programs. You qualify for Public Service Loan Forgiveness (PSLF), or.

How do I get rid of student loan debt? ›

7 Strategies to Get Out of Student Loan Debt
  1. Enroll in an income-driven repayment plan.
  2. See if you qualify for student loan forgiveness.
  3. Consolidate multiple student loans into one payment.
  4. Pay down extra toward the principal.
  5. Refinance your student loans at a lower rate.
  6. Explore deferment or forbearance.

Do student loans affect credit score? ›

Student loans are a type of installment loan. Like other loans, student loans appear on your credit report. As a result, they can play an important role in helping you build credit history and will impact your credit score in various ways.

Is it better to have savings or pay off student loans? ›

You absolutely should pay off your student loans. In fact, you will likely save money in the long run by taking care of your student loan debt as quickly as possible. Consider refinancing or consolidating your student loans to secure a lower monthly payment and/or interest rate.

Can nurses get their loans forgiven? ›

The Public Service Loan Forgiveness (PSLF) program offers student loan forgiveness for nurses who are working full time for a government or nonprofit organization by paying off the remainder of their loans after the first 120 payments.

How long does it take to pay off $100000 in student loans? ›

While the standard repayment term for federal loans is 10 years, it takes anywhere between 13 and 20 years on average to repay $100k in student loans. Here are some different scenarios to consider, depending on your financial situation and goals.

Who are not eligible for student loan forgiveness? ›

What student loans are not eligible for forgiveness? Private student loans, by definition, are private and are not eligible to be forgiven. These are loans the borrower owes to student loan providers and not the federal government.

What loans are excluded from student loan forgiveness? ›

In a change published Thursday, the Federal Student Aid website states that public student loans not held by the Department of Education such as Federal Family Education Loan (FFEL) or Perkins Loans aren't eligible to receive one-time forgiveness.

Who is covered by student loan forgiveness? ›

What is the Public Service Loan Forgiveness Program? The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance on your federal student loans after 120 payments working full time for federal, state, Tribal, or local government; the military; or a qualifying non-profit.

Why you shouldn't pay off student debt? ›

Paying off student loans early means you may not receive that tax deduction down the road. You shouldn't keep your loans around just for the tax deduction, but if you have other things to do with your money, it's nice to know that your student loans aren't such a huge resource drain.

Why is it bad to forgive student loans? ›

Fifth, Blunt says wide-scale student loan forgiveness will increase the cost of college. Why? Future student loan borrowers will borrow student loans and think they won't have to pay them back. It sends the wrong message about personal responsibility, Blunt has argued.

Should I pay my student loans if they might be forgiven? ›

Student loan forgiveness amounts are considered taxable income by the IRS. The taxes you may have to pay on the forgiven amount may be more than you would want to pay. In that case, it is probably in your best interest to pay off your student loans as soon as you can if you have the financial means to do so.

How to pay off 300k in student loans in 5 years? ›

Here's how to pay off $300,000 in student loan debt:
  1. Refinance your student loans.
  2. Consider using a cosigner when refinancing.
  3. Explore income-driven repayment plans.
  4. Pursue loan forgiveness for federal student loans.
  5. Adopt the debt avalanche or debt snowball method.
Jan 26, 2022

How to pay off $100,000 is student loans fast? ›

Here's how to pay off 100K in student loans:
  1. Refinance your student loans.
  2. Add a cosigner with good credit.
  3. Pay off the loan with the highest interest rate first.
  4. See if you're eligible for an income-driven repayment plan.
  5. See if you're eligible for student loan forgiveness.
  6. Increase your income.
Apr 6, 2023

How much is the monthly payment on a $70,000 student loan? ›

What is the monthly payment on a $70,000 student loan?
Payoff periodAPRMonthly payment
1 year6%$6,025
3 years6%$2,130
5 years6%$1,353
7 years6%$1,023
2 more rows

How long does it take to pay off $200 K in student loans? ›

But if you pay off a $200,000 student loan in one year at a 14% APR, your monthly payment will be $17,957. The standard payoff period for a student loan is up to 10 years, and student loan APRs generally range between 5% and 14%. Private student loans tend to have higher maximum APRs than federal loans, however.

Do student loans hurt you when buying a house? ›

Student loans don't affect your ability to get a mortgage any differently than other types of debt you may have, including auto loans and credit card debt.

Do Americans owe $1.75 trillion in student debt? ›

Elizabeth Warren (D-Mass.) and Majority Leader Chuck Schumer argued. According to the Federal Reserve, the level of outstanding student debt in the United States reached $1.75 trillion by the end of 2021.

How many people have over $100,000 in student loans? ›

That's more than a third of all outstanding federal student loan debt.
...
Extreme student loan debt.
Percentage of borrowers who owe less than $40,00075%
Number of borrowers who owe $100,000 or more3.2 million
Percentage of all student loan debt held by those who owe $100,000 or more37%
Apr 13, 2022

How long does it take to pay off 60000 in student loans? ›

Average Student Loan Payoff Time After Consolidation
Total Student Loan DebtRepayment Period
$10,000-$20,00015 years
$20,000-$40,0020 years
$40,000-$60,00025 years
Greater than $60,00030 years
2 more rows

Is $100,000 in student debt a lot? ›

If you owe $100,000 or more in student loan debt, you're not alone. Six percent of borrowers owe more than $100,000, according to the College Board. A standard 10-year repayment plan may sound like a quick way to pay down your debt, but your monthly payment could be as high as $1,000 or more.

What is the average student loan debt for a nurse? ›

Nursing Student Loan Debt for BSNs

The average cost of a bachelor of science in nursing (BSN) is between $8,000 and $55,000. The average student loan debt for a BSN is $23,711.

How long to pay off $50,000 student loan? ›

Cost of Repaying Loans
Loan BalanceInterest RateTime For Repayment
$50,0004.99%10 years
$60,0007.5%20 years
$10,0005.5%15 years
$35,0006%15 years
Jan 13, 2023

What is the failure rate for nursing students? ›

NCLEX pass rates have dropped from about 73% for all candidates and 88% for first-time US educated candidates to 69% and 82% respectively in 2021, the last full year for which results are available, NCSBN spokesperson Dawn Kappel told Medscape.

How to pay off $60,000 in student loans fast? ›

Your Guide to Paying Off Student Loans Faster
  1. Make extra payments.
  2. Consolidate and refinance.
  3. Avoid capitalized interest.
  4. Pick the right repayment plan.
  5. Use a cash windfall.
  6. Additional ways to tackle student loan debt.

How to pay off 50k in student loans in 5 years? ›

Here are six ways to make paying off $50,000 in student loans more manageable:
  1. Refinance your student loans.
  2. Find a cosigner to refinance your $50,000 loan.
  3. Explore your forgiveness options.
  4. Enroll in autopay.
  5. Explore income-driven repayment plans.
  6. Use the debt avalanche method.
Feb 2, 2022

Do hospitals pay off student loans? ›

National Health Service Corps (NHSC) Loan Repayment Program

The Health Resources and Services Administration offers a student loan repayment program (among other assistance programs) to eligible health care professionals. To qualify for forgiveness, you'll need to be licensed and work in an eligible discipline.

How can I pay off medical school debt fast? ›

Ten Strategies for Repaying Medical School Loans
  1. Make Payments While You're Still in Residency. ...
  2. Refinance Your Loans. ...
  3. Take Advantage of Loan Forgiveness. ...
  4. Seek Out Repayment Assistance Programs. ...
  5. Opt for Income-Driven Repayment. ...
  6. Live As Modestly As You Can. ...
  7. Consider Working in a Rural Area. ...
  8. Make Extra Payments When Possible.
Nov 28, 2022

Do student loans count as federal aid? ›

Federal Student Aid offers three types of financial aid. Grants: Financial aid that generally doesn't have to be repaid. Loans: Borrowed money for college or career school; your loans must be repaid with interest.

How do I know if I qualify for student loan forgiveness? ›

The income limits are based on your adjusted gross income (AGI) in either the 2020 or 2021 tax year. People who earned less than $125,000 annually (or $250,000 if filing taxes jointly) are eligible. If you qualify in either of those years, you can get forgiveness.

Are nurses considered public service workers? ›

Our public servants work day in and day out on behalf of the people of California as our nurses, teachers, first responders, state workers, and more.

How do I know if my student loan is federal or private? ›

1. Check the top of your federal loan promissory notes, applications, and billing statements, as these state the name of the federal loan program at the top of the document. Federal loan programs include the William D.

Who is excluded from Biden student loan forgiveness? ›

Second, high-income borrowers are generally excluded from receiving debt forgiveness. Individual borrowers who make less than $125,000 a year and married couples or heads of households who make less than $250,000 annually could see up to $10,000 of their federal student loan debt forgiven.

Do i qualify for Biden student loan forgiveness? ›

Eligibility for Biden's Student Loan Cancellation Plan

You must earn less than $125,000 a year for individuals, or $250,000 for married couples and/or head of households.

What happens if I never pay my student loans? ›

If you don't make your student loan payment or you make your payment late, your loan may eventually go into default. If you default on your student loan, that status will be reported to national credit reporting agencies. This reporting may damage your credit rating and future borrowing ability.

Do nurses qualify for PSLF? ›

The Public Service Loan Forgiveness (PSLF) program offers student loan forgiveness for nurses who are working full time for a government or nonprofit organization by paying off the remainder of their loans after the first 120 payments.

Who is eligible for student loan forgiveness and how to apply? ›

Who is eligible for student loan forgiveness?
  1. Must be a federal student loan. ...
  2. Federal loans must have been disbursed on or before June 30, 2022. ...
  3. Individual borrowers must make less than $125,000 to qualify, and married couples who file taxes jointly, or heads of households, must make less than $250,000.
Oct 18, 2022

What loans are eligible for PSLF? ›

Only loans you received under the Direct Loan Program are eligible for PSLF. Loans you received under the Federal Family Education Loan (FFEL) Program, the Federal Perkins Loan (Perkins Loan) Program, or any other student loan program are not eligible for PSLF.

Is there an income limit for public service loan forgiveness? ›

There are no income limits for the PSLF program. However, if your income is high relative to the balance of your student loans, you might not qualify for an income-driven repayment (IDR) plan.

Is fafsa considered a federal student loan? ›

To apply for a federal student loan, you must first complete and submit a Free Application for Federal Student Aid (FAFSA®) form.

Is Sallie Mae considered a federal student loan? ›

There's a good reason for that: Sallie Mae has a long history, during which time it has provided both federal and private student loans. However, as of 2014, all of Sallie Mae's student loans are private, and its federal loans have been sold to another servicer.

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