NP Financial recommends you apply independently for a student loan, but keep in mind that based on your credit score and current income the lender may require you to add a co-signer. Adding a co-signer with great credit will qualify you for better terms (i.e. a lower interest rate). Private Student Lenders look at many things beyond just your credit score. They may take into account the quality of your school, they will look at the total amount of education debt you have accumulated to date, they may evaluate you based on how fast you are going to complete your program (full time vs part time). Expect additional questions from their underwriting teams to get your final approval.

Private Student Loans essentially work the same as Federal Student Loans. The loan proceeds are disbursed (sent) directly to your school. The school will apply the money to tuition first, then if there is money remaining, they will send the money to you to cover other expenses. You cannot borrow more than your school's "Cost of Attendance." This number is set by the school and includes an expected amount to pay for things like housing and food amongst other things (see the full definition below*). Keep in mind your student loan will not be finalized until the start of the semester, and any living expenses funds may not be returned to you until after school starts. So don't count on your loan to cover August rent for example. Private Student Loans differ most from Federal Loans in that Federal Loans have (or had) more lenient repayment options and/or possible forgiveness options. We trust your earnings as a future Nurse Practitioner will more than support your future student loan payments if you complete your school on time and keep your overall tuition costs within reason.

All student loans are essentially the same. You do not enter full repayment until after you graduate, typically 6 months after. Repayment is typically 10 years. There are options all these lenders provide for in-school payments. Full deferment ($0), Fixed payments ($25 for example) or Interest-Only. Whatever you choose, keep in mind that the less you pay in-school the more interest it will ultimately cost you over the life of the loan. NOTE: You can always pay off your loan early or refinance it later. You will likely be offered a lower rate by a student loan refinance company once you are in practice and earning the big bucks! If you find yourself in a pinch, all these lenders offer forbearance options. We 100% recommend you always contact your lender proactively if you are having any problems.

These options all provide "fast funding" and never have a pre-payment penalty (a charge to you for paying the loan off early). Your quoted interest rate will be a factor of your credit score + current income + total amount you are requesting to borrow. Rates can vary significantly by lender so it's a good idea to shop around. Checking your rate will not affect your credit score. If you are carrying credit card balances you might want to consider borrowing more to consolidate those balances at a lower rate. All lenders will give you options on repayment length. Shorter length (3 years) offers a lower rate, but be mindful of your expected monthly payment. The longer the term, the lower the monthly payment, but the higher the overall finance charge (amount of interest you will pay over the life of the loan).