Educational Loan Eligibility

There are several educational loan and grant programs that can be used to help fund the expenses associated with attending nursing school. General qualification requirements for federal financial aid include: legal U.S. citizenship or permanent residency status, selective service compliance, no drug convictions that eliminate eligibility, no record of prior student loan default, and other factors.

Everyone who meets general requirements for federal financial aid is likely to qualify for some type of educational loan program to attend an accredited nursing program. The EFC has an impact on which programs a person may elect to participate in. Those with the lowest EFC often qualify for Pell grants and Supplemental Educational Opportunity Grants (SEOG), which do not have to be repaid.

The least expensive federal loan program, the subsidized Stafford student loan, is a need based loan program. The higher an individual's EFC, the less likely he or she will be to qualify for this particular loan program. Unsubsidized Stafford loans, however, are not need based. Regardless of EFC, individuals who are eligible to participate in federal financial aid programs will be able to receive unsubsidized educational loans for nursing school.

Avoid Procrastination

The worst thing you can do when preparing to attend nursing school is to put off applying for financial aid. Funds are available on a first come, first served basis. The last thing you want to have to face is finding out that you missed out on grant or subsidized loan funding for nursing school simply because you waited to long to fill out a simple online application form.

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